A new venture studio called Delta40 has been established in Kenya by the venture capital (VC) firm Factor[e] Ventures with the goal of boosting incomes and combating climate change in Africa.
With its new venture studio Delta40, based in Kenya with operations in Nigeria, Factor[e]Ventures, which invests in and supports early-stage technology companies working in energy, agriculture, water, and mobility in emerging markets, will collaborate with African and female founders to develop and scale disruptive innovation to boost incomes and combat climate change.
Delta40 focuses on companies in the fields of energy, agriculture, and transportation that are technology-driven and run by diverse, seasoned founders.
In addition to money, Delta40 operates as a co-founder, offering quick, iterative product testing, technology brokering, early-stage commercialization, and working side-by-side to improve the speed of venture creation.
The venture studio received initial funding and strategic support from the Autodesk Foundation, the Global Energy Alliance for People and Planet (GEAPP), a platform for collective action affiliated with The Rockefeller Foundation, IKEA Foundation, and Bezos Earth Fund, as well as from renowned climate tech law firm Wilson Sonisi and other governmental, commercial, and financial organizations.
Meg Whitman, the legendary CEO and US ambassador to Kenya, gave a speech at the opening event outlining the innovative combination of talent, technology, funding, and hands-on assistance the Delta40 team will provide African entrepreneurs and businesses innovating to address the most pressing issues.
“By 2100, 40 percent of the world’s population will live in Africa. This presents an incredible opportunity – and imperative – to invest in entrepreneurs on the ground developing life-changing climate innovations. We are launching the Delta40 Venture Studio to connect African and female founders with the technology, talent, capital, and leadership support they need to build successful companies and thrive. Together with our founders, we aim to build a portfolio of transformative ventures across this important continent that improve lives, amplify the entrepreneurial ecosystem and protect the planet for generations to come,” said Delta40 co-founder and managing partner Lyndsay Holley Handler said.
Six businesses already run by seasoned entrepreneurs are being built by Delta40, which is also actively reviewing potential new business initiatives and founders.
More than 60% of African families would be impacted by climate change if nothing is done, according to Morgan DeFoort of Factor[e]Ventures, despite the fact that just 3% of global carbon emissions originate in Africa.
“A decade of investing in energy, agriculture, mobility, and water innovations in emerging markets has affirmed that there is a great opportunity at the formation stage to support local and diverse founders as they connect their technologies and markets. Factor[e]Ventures is proud to launch Delta40 to scale our ability to identify, test, invest in and grow technology-driven ventures leading the fight against climate change in this important market,” DeFoort said.