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Proparco has invested $5 million in Novastar Ventures’ Africa People and Planet Fund III, which has reached a final close of $147 million.
The fund targets companies that improve access to essential goods and services for everyday consumers, producers, and employees, while generating significant environmental impact — notably by reducing and avoiding greenhouse gas emissions, improving soil health, and enhancing biodiversity.
“At Proparco, we believe that venture capital is a vital tool for driving the green transition in Africa. Our $5 million commitment to Novastar’s latest fund reflects our confidence in their ability to identify and scale tech-enabled solutions for the continent’s most pressing challenges. We are excited to support founders who are building a more inclusive and climate-resilient future for millions of people across Africa,” said Oliver Game, PE and VC lead at Proparco’s regional office for East Africa.
This investment is made under the EU-backed Choose Africa VC programme with support from the European Union and the European Fund for Sustainable Development Plus (EFSD+).
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