Climate and Clean Tech | July 13, 2022

Persistent raises $10 million to scale its climate venture building model

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, July 13 – Persistent calls itself “Africa’s Climate Venture Builder.”

Founded a decade ago out of the assets of impact pioneer E+Co, the company provides funding, personnel and operational support to startups on the continent working to reduce emissions and create jobs.

The Africa and New York-based firm has backed 22 solar, e-mobility, and enabling technology startups. Last week, it invested an undisclosed amount in Ghana-based Solar Taxi, which makes two- and four-wheel electric vehicles for transportation and delivery services. 

Catalytic capital

Funding for Persistent’s Series C round was provided by Japan’s Kyuden International Corp., the overseas business arm of the Japanese Kyushu Electric Power Group, as well as private investors in the U.S. and Asia. Financial Sector Deepening Africa Investments, the investment arm of the FSD Africa known as FSDAi, provided “patient, catalytic capital.”

The funding will help Persistent “accelerate the investment needed by African entrepreneurs in the nascent and fast-growing climate sectors,” said FSDAi’s Anne Marie Chidzero

“Persistent’s capabilities and approach, together with FSDAi’s expertise, patient capital and focus on green finance represents a very strong proposition in areas where innovation and early-stage equity capital are highly needed.”