The E3 Low Carbon Economy Fund for Africa (E3LCEF) has reached its first close at $48.1 million. The fund, established by early-stage VC E3 Capital and investment bank Lion's Head Global Partners, aims to reach a final close of $100 million. It has attracted investments from various limited partners, including FMO, Swedfund International AB, Proparco, and KfW in partnership with BMZ. The fund will provide initial and follow-on funding to startups focused on low carbon economies, particularly in the solar and electric vehicle sectors. E3 Capital, which manages the Energy Access Ventures Fund I, plans to invest between $500,000 and $3 million in businesses across sub-Saharan Africa. The E3LCEF and other climate-focused funds are crucial in providing funding to founders leading energy transition efforts and developing climate change solutions in Africa.
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