Kenyan startups specializing in climate projects are set to benefit from potential financing of up to Sh40 million as part of the Climate Tech Accelerator Program running for six months.

Pangea Accelerator, which is organizing the initiative, says it plans to select 10 businesses to participate in a six-month program running from February to August 2024.

The program targets startups mainly operating sustainable agriculture, waste management, renewable energy, circular economy, conservation technology, and nature-based solutions.

According to Pangea Accelerator, the initiative seeks to empower the 10 enterprises to improve their revenue streams, expand their client base, and augment their operations.

Pangea Accelerator Founder Jonas Tesfu says the program will offer startups and SMEs in the climate tech space funding, technical expertise and mentorship across various sectors.

“The motivation behind the initiative is to address the pressing need for SMEs and businesses to develop climate-focused solutions,” stated Tesfu.

He says most of the beneficiaries will be from East Africa, which faces varied climate challenges, with their training tailored to enable them unlock relevant opportunities.

Tesfu revealed that Pangea is working with more than 60 investors in the climate sector to avail funding to the startups as well as networks and expertise to enable them to scale.

“The program is implemented in conjunction with the Lithuania Fund for Development Cooperation and Humanitarian Aid,” he added.

Pangea is a Kenyan-Norwegian venture builder, accelerator and investment platform that seeks to match African startups with investors running Pan African Programs.