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Financing for Agri-SMEs in Africa (FASA) has made its first-ever investment. Managed by Investisseurs & Partenaires (I&P), FASA has committed $5 million to Catalyst Fund, a pan-African venture capital fund that backs startups developing climate adaptation solutions across Africa.
The investment marks a significant milestone for the fund-of-funds initiative and helped Catalyst Fund reach $30 million in committed capital, unlocking additional support from public and private investors.
FASA was established to channel catalytic capital into investment funds that support agricultural small and medium-sized enterprises across the continent. The organisation said the commitment to Catalyst Fund aligns with its mission of supporting fund managers operating in underserved markets while mobilising more capital for African agriculture and climate resilience.
According to FASA, Catalyst Fund stood out because of its venture-building track record and focus on early-stage climate adaptation technologies, particularly solutions that support agriculture and strengthen resilience against climate-related challenges such as drought, extreme weather and food insecurity.
“We chose to invest in Catalyst for its high additionality, its team’s strong track record in venture building, and its clear commitment to agriculture and climate-smart solutions that improve livelihoods,” said Mamadou Ndao, Investment Director at FASA.
He added, “Through FASA’s subordinated capital and technical assistance, we believe that Catalyst Fund can achieve an impact otherwise unattainable. We are committed to supporting this exceptional team as they actively invest and grow technology solutions for climate adaptation on our continent.”
Founded in 2015, Catalyst Fund is led by Maelis Carraro, Maxime Bayen, Olúwatóyìn Emmanuel-Olubake, and Amolo Ng’weno. The fund invests in entrepreneurs developing technologies designed to help vulnerable communities adapt to climate change while improving livelihoods across Africa. Its current portfolio includes Agrails, Agro Supply, Bekia, Earthbound, Eight Medical, Keep IT Cool, Octavia Carbon, PowerLabs, Swap, and others.
FASA’s investment was structured as a junior equity commitment designed to absorb early risk and encourage participation from other investors. The organisation said its catalytic capital played a key role in helping Catalyst Fund complete its latest fundraising round.
Catalyst Fund had previously secured support from FSDA Africa, FSDA Investments, Cisco Foundation and individual investors. Following FASA’s commitment, additional backing came from the International Finance Corporation (IFC), Trafigura Foundation, Blink CV, Shell Foundation and a group of high-net-worth individuals as the fund works toward a final target size of $40 million.
Maelis Carraro, founder and Managing Partner at Catalyst Fund, said, “FASA’s junior equity investment was truly catalytic: by taking first-loss risk, it materially de-risked the round and unlocked commitments from senior investors who would not have participated otherwise.”
In addition to providing capital, FASA said it will support the Catalyst Fund through technical assistance aimed at strengthening impact measurement capabilities, improving environmental, social and governance (ESG) practices, and accelerating the growth of high-performing agricultural startups within the portfolio.
The investment also represents an important step for FASA, which became fully operational in 2025 and has already reviewed more than 100 fund applications. The organisation has built a pipeline of around 20 eligible funds spanning venture capital, growth equity, early-stage SME funds and debt vehicles.
With its first investment now deployed, FASA is positioning itself as a catalyst for attracting more institutional capital into African agriculture and climate-focused innovation, while helping specialist fund managers scale their impact across the continent.
