Acumen Launches $90 Million KawiSafi Fund II to Scale Climate Solutions in Africa
Acumen has announced the launch of its KawiSafi Fund II, a $90 million initiative designed to accelerate climate solutions across Africa.
The fund will provide catalytic equity financing to businesses advancing low-carbon development and climate resilience on the continent.
KawiSafi Fund II builds on the success of Acumen’s first KawiSafi fund, a $67 million clean energy investment vehicle launched in 2016. With $40 million already committed, the new fund will target fast-growing companies focused on clean energy access, resilient mobility, and nature-based carbon solutions. Its stated goal is to reach 50 million people and avert 50 million tons of CO2 emissions.
The fund was unveiled as climate shocks continue to disproportionately affect Africa, where climate change threatens economic stability and could push millions further into poverty. According to Acumen, KawiSafi Fund II will support business models that expand distributed renewable energy, clean cooking, carbon finance, and clean transportation across underserved communities.
“Securing $90 million for a successor KawiSafi fund is a major milestone and a signal to the market: capital can and must flow toward a more inclusive, low-carbon future,” said Amar Inamdar, Managing Director of the KawiSafi funds.
Anchor investors in the fund include the African Development Bank’s Sustainable Energy Fund for Africa (SEFA), the Green Climate Fund, the Schmidt Family Foundation, and the Quadrature Climate Foundation.
“The KawiSafi fund comes to market at a critical time, offering much-needed venture and growth capital to emerging businesses advancing energy access and the energy transition,” said João Duarte Cunha, Manager of the African Development Bank’s Renewable Energy Funds Division. “Our support reflects the Bank’s broader commitment to scaling innovative low-carbon solutions and mobilising private capital to accelerate Africa’s clean energy future.”
The fund’s blended finance model is structured to de-risk early-stage investments, with concessional funding aimed at attracting commercial capital by absorbing initial risks. This approach, Acumen noted, is designed to mobilise greater participation from private and institutional investors while accelerating capital deployment to climate-focused enterprises.
Jacqueline Novogratz, Founder and CEO of Acumen, added: “The KawiSafi funds show that distributed clean energy solutions can drive Africa’s energy transition and economic transformation. This milestone brings together years of learning, a coalition of committed partners, and the local insight needed to scale climate solutions where they matter most.”
With a robust pipeline in place, Acumen said KawiSafi Fund II is positioned to channel investment into enterprises that can deliver systemic change in Africa’s climate and energy landscape.
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