To provide solutions for the blue economy, 7 African startups to receive $385k
Triggering Exponential Climate Action (TECA), a company that launches climate resilience ventures has announced the selection of seven businesses to receive US $55,000 in financing each to promote their blue economy solutions in Africa.
The TECA initiative, run by BFA Global with assistance from FSD Africa, was established to hasten the creation of climate-resilient solutions to safeguard the environment and vulnerable populations.
Each chosen business will get US $27,500 in seed money and US $27,500 in hands-on venture development assistance to advance monetary and technological solutions that increase the climate resilience of communities and ecosystems in and around the seas, lakes, and rivers throughout Eastern Africa.
The company founders were chosen after taking part in TECA’s fellowship programme, where they received assistance in developing business plans, assembling teams, and establishing firms. Kenya, Egypt, South Africa, Uganda, Zimbabwe, and Tanzania are the six African nations from whence they are originally from.
Among them are AquaTrack, a data-driven approach to sustainable aquaculture production, Carboni Bank, a community-focused platform for travellers to offset their carbon emissions and support regional climate initiatives, ConserVate, which uses cutting-edge digital technology to develop local capacity for monitoring reporting and credible verification (MRV) of conservation impact, and Mwani Blu, which is constructing a seaweed market with high-level traceability.
The remaining members of the cohort are Wezesha Aqua Farms, RegisTree, a fintech company looking to offer affordable and ethical financial services to those working in the blue economy, Vua Solutions, and RegisTree. RegisTree empowers coastal communities to be climate change mitigation agents by facilitating their role in mangrove restoration and protection.
“Through the TECA programme, we are proud to support and accelerate the development of innovative solutions that will protect and sustain the environment and vulnerable communities on the Eastern coast of Africa. These seven startups represent the forefront of the blue economy in Africa, and we look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems,” said David del Ser, chairman and chief innovation officer at BFA Global.
“The ventures that have been formed through the TECA programme are an inspiration. They represent young Africans – including women – coming forward with great ideas and solutions to climate-related challenges, in this case, in the blue economy. I’m proud that FSD Africa is supporting this initiative, which leverages finance and technology to help build resilience and create opportunity in the context of climate adversity. Through our partnership with BFA Global, we plan to roll out TECA beyond the blue economy to also solve other challenges and geographies across Africa,” said Juliet Munro, digital economy director at FSD Africa.
TECA will offer thorough venture development support, which includes mentorship, capacity building, business model improvement, and assistance with placing these firms’ goods and services on the market, in order to further invest in their success.
Applications for the next TECA cohort are welcomed from startups developing solutions for climate resilience.
