Triggering Exponential Climate Action (TECA), a company that launches climate resilience ventures, has chosen seven entrepreneurs to receive US$55,000 in funding each to develop their ideas for the blue economy in Africa.
The TECA initiative was established to hasten the creation of climate-resilient solutions to safeguard and sustain the environment and vulnerable populations. It is managed by BFA Global and funded by FSD Africa.
To advance financial and technological solutions that increase the climate resilience of populations and ecosystems in and around oceans, lakes, and rivers throughout Eastern Africa, each chosen business will get US$27,500 in seed financing and US$27,500 in hands-on venture building support.
The startup founders were chosen as a result of their participation in TECA’s fellowship program, where they received assistance in developing concepts for businesses in the blue economy, assembling teams, and establishing businesses. They come from Kenya, Egypt, South Africa, Uganda, Zimbabwe, and Tanzania, six nations in Africa.
A few of them are ConserVate, which uses cutting-edge digital technology to develop local capacity for monitoring reporting and credible verification (MRV) of conservation impact, AquaTrack, a data-driven solution for sustainable aquaculture production, Carboni Bank, a community-centered platform for tourists to offset their carbon emissions, and Mwani Blu, which is constructing a seaweed market with high-level traceability.
RegisTree, a fintech company looking to offer affordable and ethical financial services to those working in the blue economy, Vua Solutions, and Wezesha Aqua Farms, a company aiming to address the declining wild capture fisheries stocks that negatively impact the livelihoods and socioeconomic conditions of coastal communities, round out the cohort. RegisTree empowers coastal communities to be agents of climate change mitigation by facilitating their role in mangrove restoration and protection.
We are pleased to support and hasten the creation of cutting-edge solutions that will safeguard the environment and vulnerable communities along the Eastern African coast through the TECA initiative. According to David del Ser, chairman and chief innovation officer at BFA Global, “These seven businesses represent the cutting edge of the blue economy in Africa, and we look forward to watching the impact of their financial and tech-enabled solutions on people and ecosystems.”
“The businesses that have grown out of the TECA program are inspiring. They reflect the outstanding ideas and solutions to climate-related problems that young Africans, particularly women, are putting forward in the blue economy. I’m happy to see that FSD Africa is backing this project, which uses technology and money to foster opportunity and resilience in the face of climatic disaster. According to Juliet Munro, director of the digital economy at FSD Africa, “with our cooperation with BFA Global, we want to scale out TECA beyond the blue economy to also answer for other concerns and geographies across Africa.”
TECA will offer thorough venture development support, which includes mentorship, capacity building, business model improvement, and assistance with launching these firms’ goods and services on the market, in order to further invest in their success.
Applications for the upcoming TECA cohort are welcomed from startups developing solutions for climate resilience.