Three Nigerian tech startups – PaddyCover, Farmz2U and Eight Medical – have raised a total of $600,000 from pre-seed venture capital and the Catalyst Fund accelerator.

This breaks down to $200,000 each for each of the three startups to scale their businesses.

The funding was part of a $2 million investment in 10 start-ups building solutions to improve the resilience of climate-vulnerable communities in Africa.

Each of the 10 start-ups is offered $100,000 in equity investments, as well as $100,000 in hands-on start-up support.

According to the VC, this is the inaugural cohort of Catalyst Fund’s new $30 million VC fund, anchored by financial sector development agency FSD Africa, intended to support early-stage founders to develop technology that will make Africa be more resistant to the impacts of climate change.

Who are they: The three Nigerian startups benefiting from the funding cover insurtech, agtech and medtech.

  • PaddyCover works with established insurers and digital platforms to design and offer customized products through its platform that facilitates flexible insurance packages, including health, life and, in the future, index-based crop insurance. Offerings are integrated into customer lifestyle touchpoints, either as a convenience or as complementary added value.
  • Farmz2U is an agricultural technology company that drives sustainable agriculture. Through Farmz2U, farmers can access personalized farm advice (especially on regenerative farming practices), affordable credit, quality and traceable inputs, and direct buyers for their crop.
  • Eight Medical is a cloud-native Emergency Medical Services (EMS) platform that provides urgent care on demand when and where it’s needed. This “911 for Africa” ​​connects motorcycle emergency medical services with riders in distress in 10 minutes or less, even for weather-induced crises.

The objective of the Fund: Expressing the Fund’s enthusiasm for partnering with innovative African startups working to build a more resilient and sustainable future, Catalyst Fund Managing Partner Maelis Carraro said:

  • “Our goal is to support mission-driven founders who share our vision of a world where every individual has the tools and opportunities they need to thrive. From agritech to insurtech, waste management, disaster response, and carbon finance, these startups showcase innovations in finance, technology, and business models that will help communities better adapt to climate impacts and increase their resilience.”

Other African startups receiving the investment include Agro Supply from Uganda, Assuraf from Senegal, Bekia from Egypt, Farm to Need from Kenya, Octavia Carbon, also from Kenya, Sand to Green from Morocco and VAIS from Egypt. Only Nigeria has up to three startups in the cohort.