Kenya's Novastar Allocates $50M to Agri-Climate Projects in Egypt

Novastar Ventures, a venture capital firm investing in early- and growth-stage businesses in Africa, is directing $50 million to climate-tech projects in Egypt’s agriculture sector through its third fund, after the Green Climate Fund approved a $200 million equity investment into the vehicle.

Dr. Manal Awad, Minister of Local Development and Acting Minister of Environment, stated that the $50 million equity will be directed towards investing in Egyptian companies focused on climate technology within the agriculture sector. The funding will target three core pillars: services that enhance climate adaptability and resilience; clean technologies aimed at cutting carbon emissions from economic growth; and innovative climate solutions for natural resource management.

The fund aims to help startups and growth-stage companies drive sustainable and inclusive growth across Africa by scaling affordable climate solutions that support adaptation and reduce environmental impact. Its broader mission through this investment is to foster a robust climate-tech innovation ecosystem by leveraging private capital to achieve both climate resilience and strong financial returns. Novastar typically invests in sectors including financial services, healthcare, agriculture, and climate-tech.