E3 Capital and Lion’s Head climate fund hits first close at $48M to back African startups

The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund by early-stage VC E3 Capital (formerly Energy Access Ventures), and emerging markets-focused investment bank Lion’s Head Global Partners, has hit the first close at $48.1 million.
The E3LCEF limited partners include FMO, the Dutch entrepreneurial development bank; Swedfund International AB, the Swedish development finance institution; Proparco, an AFD Group subsidiary and private sector development investor, and KfW, a development bank, in partnership with BMZ, the German ministry for economic cooperation and development.
The fund targ

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