Spark+ General Partner, a pioneer in clean cooking investments, has announced a substantial progression in the capital-raising efforts for its Spark+ Africa Fund. The fund’s valuation now stands at $64 million following its second and third rounds of funding.
Spark+ is renowned as the first impact debt fund specifically targeted at advancing the clean cooking sector within sub-Saharan Africa. In July 2022, the European Commission entered the fold through a partnership with IFU, Denmark’s development finance institution (DFI), which had previously invested in the fund. Later, in September 2023, the US International Development Finance Corporation (DFC) also came on board, contributing to the senior debt tranche.
These entities joined an impressive roster of twelve development finance institutions, foundations, family offices, and pension funds that were part of the fund’s initial closing at $41 million in March 2022.
“We are privileged to work alongside such respected organizations that are committed to fostering clean cooking solutions in Sub-Saharan Africa,” stated Xavier Pierluca, Managing Partner of EQ and Spark+ Investment Director. “Their investments across various tranches of our blended finance structure are crucial for speeding up the fund’s deployment strategy.”
This influx of new funding will bolster the Spark+ Africa Fund’s capacity to support enterprises that provide clean and efficient cooking solutions across sub-Saharan Africa. This initiative is expected to yield significant health improvements, environmental benefits, and economic growth within the region.
