Most of the time, this year, several fintech startups have been supported by different initiatives, leaving out other companies in the tech field.  However, this time, it is extremely different as EchoVC, a venture capital company established in 2011 is looking to support energy, agric, and climate technology startups with $2.5m. 

Do you know about EchoVC? 

EchoVC, popularly known as EchoVC Partners, is a venture capital firm that prioritizes technology-driven startups in their early stages. They have a strong commitment to investing in founders from underrepresented backgrounds and in markets that are often overlooked or underserved. 

The Venture Capital firm has invested around $41 million across multiple funds and has gathered approximately half of that amount back through exits from companies, according to information available on its website. Earlier this year, the company introduced an $8 million fund specifically dedicated to blockchain investments. This fund is intended to support entrepreneurs developing African-centric solutions utilizing blockchain technology. 

Why $2.5million? 

According to the organization, the fund will be used to support businesses that develop innovations that enhance agricultural output, aid farmers in accessing fresh markets, and introduce novel cooling and energy storage technologies to the market. 

EchoVC also mentioned that especially, Nigeria and Kenya will be supported with the development of electric two and three-wheelers. The company also mentioned that these countries exhibit significant potential as they harbor sizable and expanding urban populations coupled with inadequate urban transportation systems. Hence, this initiative is designed to address these challenges by promoting eco-friendly and efficient mobility solutions tailored to specific needs. 

It was also presented that there has been a notable shift in venture capital investments this year, with energy and climate-tech startups receiving increased attention, surpassing the investment influx into fintech companies. EchoVC emphasized that the creation of the $2.5 million Eco Pilot Fund I is designed to allocate up to $200,000 in promising climate tech ventures. Supported by two undisclosed Development Finance Institutions (DFIs), this fund will finance 8 to 10 startups in the climate-tech and energy sectors throughout Africa.

Furthermore, EchoVC stated that it intends to serve as the initial investor for prospective companies, and it is looking to establish a pre-seed pipeline that can attract investments from larger funds specializing in climate, agricultural technology, and energy sectors within Africa. 

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