Catalyst Fund has closed on $10.41 million from 12 investors for its debut equity fund, according to a regulatory filing. The fund launched in 2022 and previously held a first close at $1 million in September 2023 and a second close at $8.68 million in September 2024, according to its filing history.
The sole LP identified to date is Headed for Change, a climate-focused donor-advised fund with a $1 million endowment, which committed an undisclosed amount in January 2025, according to fundraising data from affiliate title Private Equity International.
Based in Nairobi, Kenya, Catalyst began in 2015 as an accelerator managed by impact innovation firm BFA Global. The firm’s accelerator program was backed by a number of high-profile LPs including the Bill and Melinda Gates Foundation and JPMorgan Chase & Co, according to its website.
As an accelerator, Catalyst focused on early-stage investments in fintech companies helping improve the financial health of overlooked communities in Africa, Asia and Latin America. The firm then scaled its accelerator program in 2019 with assistance from the UK Foreign Commonwealth and Development Office, PayPal and the Mastercard Foundation to include more regions in Africa, India and Mexico.
Between 2015 and 2022, Catalyst backed 61 companies across 15 emerging markets and generated one unicorn and five exits.
With the launch of its equity fund in 2022, the firm shifted its focus to backing pre-seed start-ups in the agritech, climate insurance, land restoration, cold chain, waste management, water management and clean energy verticals. Fund I invests $200,000 at the pre-seed stage and follows-on at seed and Series A. So far it has so far backed 22 companies across eight markets in Africa.
Catalyst’s current portfolio includes Senegal-based digital insurance platform Assuraf, Nigeria-headquartered cloud-native emergency medical services platform Eight Medical and Tanzania-based soil analytics provider Mazao Hub.
The firm is led by managing partner Maelis Carraro, a former managing director at BFA Global and longtime impact investor; chief investment officer Olúwatóyìn Emmanuel-Olubake, a former investment director at Nigeria-based VC fund Novastar Ventures; and general partner Amolo Ng’weno, who currently serves as the CEO of BFA Global.
Catalyst also has a team of experienced investors that serve as a stand-alone investment committee. The committee is chaired by Vikas Raj, co-founder and managing partner of early-stage fintech and climate investor ResilienceVC. Raj is joined by committee members Hangwi Muambadzi, head of Africa at growth-stage fintech fund CommerzVentures, and Tara Guelig, director of sustainability and impact at climate-focused investment manager The Lighstsmith Group.
