Catalyst Fund Research
Investment Thesis
Catalyst Fund is a pan-African venture fund and venture builder investing for a climate-resilient future in Africa. The firm partners with founders building technology solutions that help people, businesses, and communities manage climate risk, adapt livelihoods, and build long-term resilience to climate impacts. Its thesis centers on three pillars: fintech for climate resilience (insurance, carbon finance, climate data), sustainable livelihoods (agriculture and food systems, fishery management, land restoration), and climate-smart essential services (water management, cold storage, clean energy, waste management, and health). The fund believes climate adaptation is one of the defining investment themes of the next decade, particularly in Africa, where the need is immediate and entrepreneurial talent is extraordinary.
Catalyst Fund traces its roots to 2015, when it launched as a global accelerator managed by BFA Global (its general partner and venture-building provider) backing early-stage inclusive fintech startups. Between 2015 and 2022 it supported 61 companies across 15 emerging markets (later reported as 89 companies across 19 markets including past accelerators), which collectively raised more than $800M in follow-on funding, produced one unicorn and five exits, and reached over 14 million underserved individuals and MSMEs. In 2022 the firm pivoted fully to climate, launching its first equity vehicle, Catalyst Climate Resilience Fund I, in partnership with FSD Africa.
Stage Focus
Catalyst Fund invests at pre-seed, with reserves for follow-on participation at Seed and Series A. It plans to back roughly 40 ventures out of the current fund and has already made 28 investments across 10 African markets as of its July 2026 second close.
Check Size
The firm typically writes an initial $200K pre-seed check, paired with roughly six months of dedicated hands-on venture-building support, then reserves capital to follow on at Seed and Series A for its strongest portfolio companies. Exact follow-on check ranges were not disclosed on the site.
Lead Tendency
Catalyst Fund positions itself as a true co-builder and often the first institutional check into a company, combining equity investment with embedded venture-building support delivered by BFA Global operators. This hands-on, first-money-in posture is consistent with a fund that leads or anchors its pre-seed rounds.
Recent Activity
Catalyst Fund closed a $30M second close of Catalyst Climate Resilience Fund I in July 2026, bringing in IFC, FASA, Shell Foundation, Trafigura Foundation, SpeedInvest, Blink Impact, We-Fi, and a group of high-net-worth individuals, joining earlier backers FSD Africa and Cisco Foundation. The fund expects a final close later in 2026. The firm is led by partners Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng'weno.
Portfolio Highlights
Current-fund (climate resilience) portfolio companies include Agrails (AI-powered climate-risk intelligence), Keep IT Cool (solar-powered cold chain for fisherfolk and poultry farmers in Kenya, a 2024 Earthshot Prize winner), Octavia Carbon (Global South's first Direct Air Carbon Capture company), Farm to Feed, Agro Supply, OKOA (interoperable EV battery-swapping infrastructure), Biobuu, Medikea, Mazao Hub, The Awareness Company, Thola, Enakl, Sand to Green, Biochar Industrial Group (BIG), Swap, Powerlabs, Zebra Cropbank, Scrapays, Earthbond, Farmz2U, Paddy Cover, Eight Medical, NoorNation, VAIS, Bekia, Tolbi, Assuraf, and Oko. Legacy portfolio from the firm's earlier inclusive-fintech accelerators (2015-2022) includes several standout companies: Chipper Cash, Wasoko (formerly Sokowatch), Cowrywise, and ColdHubs.
Team
Investment team:
- Maelis Carraro — Managing Partner (also Founder & General Partner)
- Maxime Bayen — General Partner
- Olúwatóyìn Emmanuel-Olubake (Toyin) — General Partner and Chief Investment Officer
- Amolo Ng'weno — General Partner
- Shino Grivel — Fractional CFO
- Malika Anand — Impact Venture Partner
- Yemi Adegbayi — Vice Principal
Venture-building team:
- Javier Linares — Venture Building Lead
- Kenneth Ngetha — Venture Building Engagement Lead
- Mohammed Valiullah (Vali) Hashmi — Lead Designer
- Sydney Thiam — Venture Building Engagement Lead
Investment Committee:
- Vikas Raj — Managing Partner, ResilienceVC; Chair of the Investment Committee
- Tara Guelig — Director of Sustainability & Impact, The Lightsmith Group; Investment Committee Member
- Hangwi Muambadzi — Head of Africa, CommerzVentures; Investment Committee Member
Decision Process
Catalyst Fund is run by a multi-partner investment team supported by a formal Investment Committee of external experts chaired by Vikas Raj (ResilienceVC), indicating a partnership-style decision process rather than a solo GP model.
Founder Preferences
The firm backs founders building practical, scalable technology solutions for climate adaptation and resilience, with a stated preference for entrepreneurial teams (often ex-founders and operators themselves) tackling essential-services gaps for underserved, climate-vulnerable populations in Africa. It favors an "AAA" approach: Accessible, Affordable, and Appropriate products for low-income, underserved customers and MSMEs.
Geographic Focus
Pan-African, with current-fund portfolio companies across Kenya, Uganda, Tanzania, South Africa, Morocco, Nigeria, Egypt, and Senegal. The firm's earlier accelerators also reached India, Sri Lanka, Mexico, Brazil, Colombia, and Argentina, but the current climate-resilience fund is Africa-focused.
Venture-Building Model
Beyond capital, Catalyst Fund delivers bespoke venture-building support from ex-founders, operators, and technical specialists, spending 400+ hours per startup on product, tech, data, talent, fundraising, and growth. It also connects founders to a Circle of Investors (250+ investors) and ecosystem partners, and runs the Catalyst Climate Champions program, a 12-month program for individuals.