KENYA – Kenya’s Topup Mama, Tulix, AquaRech and Nigeria’s ColdHubs have been selected into Catalyst Fund’s latest cohort joining an existing portfolio of 55 companies.
They will receive will catalytic capital, venture building support, and direct connections with investors, corporate innovators and talent networks that can help them scale.
Kenya’s AquaRech is a platform for fish farmers to source quality feed, reduce growth cycles by monitoring via sensor technology, find new routes to market, and access credit to enable growth.
Tulix, also from Kenya is a digital payment wallet to enhance visibility of funds and collaboration between African migrants and their beneficiaries back home.
TopUp Mama, working in both Kenya and Nigeria is an online B2B platform for restaurants to purchase all inventory required at wholesale prices, including perishable goods requiring an adapted (cold) supply chain, and access working capital to grow their business.
Nigeria’s ColdHubs is a “plug and play” modular, solar-powered walk-in cold room, for 24/7 off-grid storage and preservation of perishable foods, enabled through digital payments.
“Low-income and underserved communities in emerging markets will bear the brunt of the climate crisis yet contributed the least to it. The impacts of climate risks are predicted to be expansive, affecting communities in wide ranging and unforeseen ways,” said Maelis Carraro, Managing Director of Catalyst Fund.
“It’s fundamental to invest in solutions that build resilience to shocks and ensure these solutions are reaching the most vulnerable.
“We have explored models that push the frontier of current thinking around resilience-building for climate vulnerable people, and we are energized to explore how fintech innovation can help these populations, by supporting pioneering entrepreneurs in Kenya, Nigeria and Mexico. We look forward to exploring this innovation frontier for fintech with the invaluable support of JPMorgan Chase, FCDO, and PayPal.”
Other startups selected include Mexico’s Koltin, a digital health insurance solutions and preventative care for the region’s growing senior population and Mujer Financiera, which works both in Argentina and Mexico, is a financial wellness with a multi-tiered approach to build the financial literacy, financial health, and resilience of underserved women.
Catalyst Fund, a global inclusive tech accelerator managed by BFA Global is supported by the UK Foreign, Commonwealth and Development Office (FCDO), JPMorgan Chase & Co., and PayPal, and fiscally sponsored by Rockefeller Philanthropy Advisors.
Catalyst Fund is exploring the role of fintech innovation in increasing the resilience of climate vulnerable populations, and this latest cohort is based on these insights.
To date, Catalyst Fund has raised more than $446 million in follow-on funding and reached over 10 million low-income customers. Startups in this cohort were approved by Catalyst Fund’s Investor Advisory Committee (IAC), formed by six leading fintech and emerging market investors from around the world: Anthemis, Quona Capital, Better Tomorrow Ventures, Flourish Ventures, Accion Venture Lab and Gray Ghost Ventures.
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