The ultimate close of Holocene Ventures Fund I (HVF1), the first high-growth climate tech fund in Southern Africa, has been announced by venture capital firm Holocene.
Holocene focuses on early-stage, talented local innovators that need the funding and practical operational help to grow, particularly in a developing industry like climate-tech.
In the 18 months since it was implemented, HVF1 has supported 10 businesses, generating over 500 employments, attaining a 2x markup on invested capital, and drawing in US$8 in follow-on capital for each US $1 invested.
“It’s clear we need to dramatically accelerate the pace of climate innovation in Africa,” founder Josh Romisher said.
“The continent will double in size, urbanise, and begin to truly consume during our lifetimes. That can be seen as an impending climate catastrophe or a massive innovation opportunity. We choose to view it as the latter.”
Portfolio projects include Yongeza, an e-mobility infrastructure company in Uganda; ScootHero, which is deploying more than 500 electric motorbikes and more than 50 battery-swap stations throughout South Africa; and FARO, a circular economy business built around technology-enabled supply chains for unused inventory.
A group of internationally qualified professionals, including operators, executives-in-residence, and specialists in revenue growth, fundraising, and grant writing, provide at least a year of embedded, high-touch assistance for each investment.
“What excites me most is not just that Holocene backed us early, it’s that they got in the trenches with us,” said Wahlied Cole, founder and CEO of ScootHero. “When we needed help with go-to-market, they brought in operators. When we were hitting a ceiling on capital, they helped us unlock grants and asset finance. It wasn’t just capital. It was a partnership built on real understanding of what African founders need.”
According to former creator and HVF1 investor Jonathan Smit, he invested in Holocene because he thinks climate innovation would be one of our generation’s key possibilities and problems, especially in Africa.
“What stood out to me was not just the investment thesis, but the quality of the team and the hands-on way they support founders. Holocene is helping build the ecosystem and companies that can deliver meaningful climate impact while creating lasting economic value,” he said.
The fund’s value-creation phase, which involves pushing portfolio firms toward scale and exits, begins with the final close.
“We’ve shown that the intersection of climate impact and financial returns is real,” Romisher said. “The task now is to scale that proof. We live the Stanford motto: change lives, change organisations, and change the world. That’s not always easy, but it is deeply meaningful.”
