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$7m Boost for Africa-Focused Climate Innovation
Soros Economic Development Fund (SEDF), the impact investment arm of the Open Society Foundations, has committed $7 million to the Persistent Africa Climate Venture Builder Fund (Persistent ACV Fund)—a $70 million blended finance vehicle designed to accelerate climate innovation and inclusive green growth across Africa.
The investment underscores SEDF’s strategy of backing locally led climate solutions that simultaneously drive environmental sustainability, job creation, and economic inclusion across the continent.
Backing Locally Led Green Growth in Africa
SEDF disclosed that it has already committed $55 million to Africa-focused climate and development initiatives led primarily by African investors and entrepreneurs, with additional commitments expected. The investment in the Persistent ACV Fund reflects SEDF’s conviction that climate action and economic opportunity are mutually reinforcing pillars for Africa’s future.
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According to SEDF, the fund aligns with Open Society’s broader mission to support resilient, inclusive economies while addressing the climate crisis.
Focus on Early-Stage Climate Ventures
The Persistent ACV Fund targets early-stage African climate enterprises, ranging from pre-seed to Series A, with a strong emphasis on companies supporting Africa’s energy transition. Priority sectors include:
- E-mobility
- Commercial and industrial solar
- Residential solar solutions
- Energy efficiency technologies
- Productive use of energy
- Climate-smart agriculture and resource-transition businesses such as recycling and waste management
Beyond capital deployment, the fund provides hands-on operational and technical support through its Venture Building programme, enabling portfolio companies to scale both impact and commercial performance.
Ambitious Climate and Socioeconomic Impact Targets
Investments backed by the Persistent ACV Fund are expected to deliver measurable environmental and social outcomes, including:
- Mitigation of 17 million tonnes of CO₂ and greenhouse gas emissions
- 7 million beneficiaries across African communities
- Creation of 60,000 direct green jobs
- Economic impact for 400,000 people
- 420,000 households gaining new or improved electricity access
- $450 million in additional private capital catalysed
The fund also places strong emphasis on gender inclusion and strengthening Africa’s early-stage climate investment ecosystem.
Investor Confidence and Global Partnerships
Commenting on the investment, Georgia Levenson Keohane, Chief Executive Officer of SEDF, said the fund would help scale climate solutions and unlock private capital across the continent, contributing to a climate-positive future for African communities.
Persistent Managing Partner Tobias Ruckstuhl described the investment as a major milestone, noting that the fund’s combination of early-stage capital, follow-on investment, and venture building addresses a critical gap in Africa’s climate finance landscape.
Strong Coalition of Global Co-Investors
SEDF joins a growing group of institutional and development finance partners supporting the Persistent ACV Fund, including:
- FSD Africa Investments
- African Development Bank
- Nordic Development Fund
- Japan International Cooperation Agency
- Impact Fund Denmark
- Schmidt Family Foundation
- Cottier Donze Foundation
Additional investors are expected to join as the fund progresses toward subsequent closes.
Driving Africa’s Climate-Positive Digital and Energy Economy
The investment marks another step in positioning Africa as a hub for climate-smart innovation, combining clean energy, digital infrastructure, and inclusive economic growth. By supporting early-stage ventures with both capital and capacity-building, the Persistent ACV Fund is expected to play a catalytic role in shaping Africa’s climate-resilient future.
