How many investments has E3 Capital made?

E3 Capital has 32 tracked investments, including 2 dated in the last 24 months.

What stage does E3 Capital invest at?

E3 Capital invests at the Seed, Series A stages.

What sectors does E3 Capital focus on?

E3 Capital focuses on Cleantech, Climate Tech, Energy, Impact & Social Good.

Where is E3 Capital located?

E3 Capital is headquartered in Nairobi, KE.

Does E3 Capital lead rounds?

Yes, E3 Capital leads investment rounds.

Who does E3 Capital co-invest with?

E3 Capital most often shares deals with Ceniarth, Equator, Satgana, among 26 tracked co-investors.

E3 Capital

Impact investor

Nairobi · Seed–Series A · 15 people tracked

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Find your way into E3 Capital

2,805 people in our graph share verified history with the E3 Capital team — schools, employers, funds. One of them is your warm intro.

Chris Bischoffunlockedknows Clemens Calice · together at Goldman Sachs (overlapped)

×5knows the team · via Morgan Stanley

knows the team · via Roland Berger Strategy Consultants

×4knows the team · via Goldman Sachs

knows the team · via YPO

✨ Fox Verdict

Investment thesis

E3 Capital ('Enabling Emerging Entrepreneurs') invests in bold climate technology solutions that drive a digitised, decentralised and decarbonised future. The firm backs entrepreneurs who defy the norm, with a particular emphasis on emerging markets, especially across Africa. Beyond capital, E3 Capital positions itself as a hands-on partner, supporting portfolio companies with strategic guidance, networking, organizational support and help raising follow-on capital. Its impact orientation is reflected in metrics such as CO2 emissions avoided, beneficiaries reached and direct jobs created.

Invests inCleantech Climate Tech Energy Impact & Social Good Africa Nairobi

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Series A

Nairobi, KE

Leads rounds

Leads

Instruments

Equity

Founded

2015

AUM

$61.5M

Tracked investments

Team · 15 people

from the firm's website & public directories

Clemens Calice· CEO and Founder of Cygnum Capital· London Area, United Kingdomin

Clemens Calice is the CEO and founder of Cygnum Capital (formerly Lion's Head Global Partners), which manages over US$1 billion in assets. He has more than two decades of experience in investment banking and asset management, including 10 years at Goldman Sachs and Morgan Stanley.

Elo Umeh· Founder and CEO of Terragon Group· Lagos State, Nigeriain

Elo Umeh is the Founder and CEO of Terragon Group, which he has developed from a digital agency into a SaaS company operating in Africa. He has nearly 20 years of experience in mobile and digital technology across various leadership roles in the African tech sector, was part of the founding team at MTech Communications, and has consulted for the World Bank and IFC on mobile technology initiatives. He also serves as an Executive in Residence at Lagos Business School and as a Chapter Chairperson of YPO.

Vova Dugin· Managing Partner· Kenyain

Vova Dugin is Managing Partner at E3 Capital, where he leads the firm's investment strategy and portfolio value creation. He directed the fund toward investing in frontier markets by backing local entrepreneurs and helped broaden its focus to a wider climate mandate. Before E3, he spent 12 years in investment banking and private equity across Eastern Europe and Middle Asia, working on M&A and investments in the power sector and energy efficiency. He holds an MBA from INSEAD.

v•••@e3-cap.comreveal

Melvyn Lubega· Senior Partner· South Africain

Melvyn Lubega is a Senior Partner at E3 Capital with a focus on scaling technology-enabled businesses in Africa and globally. He was part of the founding team of one of South Africa's early unicorns and later served as Head of Africa and an executive committee member at a European venture capital firm. His earlier career included roles at Boston Consulting Group and Goldman Sachs, along with listed company board positions and public sector advisory work. He holds an undergraduate degree from the University of Cape Town and two master's degrees from the University of Oxford, where he was a Rhodes Scholar.

Utari Wanjohi· Investment Principal· Kenyain

Utari Wanjohi is an Investment Principal at E3 Capital, where he oversees the full investment process from deal origination through execution, post-investment management, and value realization. Before joining E3, he spent nine years in private equity, including roles at Centum Investments and Ethos Private Equity, executing investment strategies across various sectors in Africa. He holds an undergraduate degree in Engineering and an MSc in Finance from the University of Nairobi.

u•••@e3-cap.comreveal

Andrew Darge· Investment Manager

a•••@e3-cap.comreveal

Andrew Reicher· Independent Investor and Advisor· London, England, United Kingdomin

Andrew Reicher is an independent investor and advisor focused on emerging markets, with over 40 years of experience in international finance spanning private equity, investment banking, and development aid organizations. His prior senior roles include CEO of Globeleq, CEO of Actis, Chief Investment Officer at BII (formerly CDC), and leadership positions at Credit Suisse First Boston. He currently sits on several boards and investment committees concerned with infrastructure, climate change resilience, and energy access.

Cynthia Mwaura· Senior Associate· Kenyain

Cynthia Mwaura is a Senior Associate at E3 Capital, where her work covers deal sourcing, screening and execution, portfolio management and reporting, market analysis, and financial modelling. Before joining E3, she spent five years in management consulting and financial advisory, holding roles at Onafriq, Open Capital Advisors, and Endeavor Kenya. She holds a BBS in Finance from Strathmore University.

c•••@e3-cap.comreveal

Faith Omwaga· Team Assistant· Nairobi County, Kenyain

Faith Omwaga is the Team Assistant at E3 Capital, providing administrative and operational support for internal processes and team coordination. She has a background in project management, having led the implementation of various initiatives. She holds a Bachelor's degree in Project Planning and Management from Maasai Mara University.

Jean-Marc Bally· CEO and Managing Partner of Aster Capital

Jean-Marc Bally is CEO and Managing Partner of Aster Capital, and serves as President of Aster Fab. He has worked in venture capital for around 20 years, investing in the energy, communications, and technology sectors across Europe and the US.

Jean-Michel Séverino· Chairman, Supervisory Board of I&P· Paris, Île-de-France, Francein

Jean-Michel Séverino is a French economist and development expert with a career spanning public and private sector roles in international development and finance. He founded and served as CEO of I&P (Investisseurs et Partenaires), a fund manager focused on SMEs in Africa. He serves on the boards of several private companies working in impact investing, development economics, and public-private partnerships.

Kushal Shah· General Partner· Dubai, United Arab Emiratesin

An economist from Cambridge and a chartered accountant, Kushal spent over 20 years at strategy consulting firms and later led e& (Etisalat)'s CVC fund, deploying USD 180 million between 2022 and 2025. He co-founded Dubai Angel Investors and joined Raed in 2025.

Parita Dhanani· Finance and Operations Managerin

Parita Dhanani is the Finance and Operations Manager at E3 Capital, where she oversees internal financial operations and supports fund administration for the EAV F I and E3 LCEF I funds. She previously worked for eight years as Chief Accountant at Premier Properties, handling internal financial, accounting, and audit processes. She is ACCA accredited.

Peter Kivuva· Environmental Social and Governance Officer· Nairobi County, Kenyain

Peter Kivuva is the Environmental Social and Governance Officer at E3 Capital, where he leads the fund's ESG strategy, including environmental and social due diligence on transactions, ESG and impact reporting, and post-investment support for portfolio companies. Before joining E3, he worked for six years at ESF Consulting, advising on environmental and social management for public and private projects in the manufacturing and energy sectors. He holds a BSc in Environmental Science from Maseno University.

Temi Marcella Awogboro· Partner, Alcent Capital· United Kingdomin

Temi Marcella Awogboro is a multi-stage investor working across developed and growth markets, with over 15 years of experience investing in emerging markets spanning energy, healthcare, financial services, and technology. She previously served as the regional lead for the Evercare Health Fund, a US$1 billion impact fund managed by TPG Capital and The Rise Fund, where she oversaw investments and growth across Africa and Asia. She currently holds several board positions and is a World Economic Forum Young Global Leader.

What they invest in

from 26 of 32 portfolio companies

Cleantech ×15Energy ×13Climate Tech ×7Impact & Social Good ×6AgTech ×5B2B Marketplaces ×5IoT ×5Fintech ×4

HQs:Kenya×5United States×3South Africa×3Tunisia×2Congo - Kinshasa×1Switzerland×1

Who they back

founder profiles across 11 portfolio companies

73%

solo founders

8 of 11 mapped founding teams

Founding team size:solo founder×82 founders×3

Investments · 32 tracked

founders shown can be your intro path

By year:2025 · 1 2024 · 1 2023 · 24 dated

Agri-Logiqagrilogiq.com in

AgriLogiq provides greenhouse automation software and hardware, including climate control, irrigation, and fertigation systems for growers and tunnel builders cultivating high-value horticultural, botanical, and medicinal crops.

AgTechHardwareIoT

Joel van der Schyff(Founder)in

Co-investorsAnza Capital Chui Ventures Savant Venture Fund

Badilibadili.ke

Badili Kenya sells certified refurbished smartphones such as the Apple iPhone 11 and iPhone 11 Pro, each passing quality checks and backed by a 12-month warranty and 7-day replacement guarantee.

Circular EconomyConsumerE-commerceNairobi, KE

Keshu Dubey(Founder)

Co-investorsIPV Proparco SOSV Venture Catalysts

Candicandi.solar in 𝕏

Candi Solar develops and deploys solar energy solutions for businesses across multiple continents.

CleantechClimate TechEnergyZurich, CH

Philippe Flamand(Founder)inNishant Soodin

Co-investorsIFC Norfund STOA

Cavexcavex.io inNov 2023

Cavex is a cloud-hosted platform that connects climate-conscious companies and investors directly with carbon projects in low-income, climate-vulnerable countries, using remote monitoring, digital finance, and ledger technology to verify carbon activity and channel financing to projects on the ground.

CleantechClimate TechFintech

Nick Hughes(CEO and Co-Founder)

Cutstructcutstruct.com in 𝕏

Cutstruct operates a construction materials procurement platform that lets contractors, site engineers, and project managers order and track building materials via WhatsApp or a web portal, while giving financiers real-time visibility into project spending.

B2B MarketplacesConstruction TechPropTechLagos, NG

John Oamen(Chief Executive Officer)in Modele Ajayi-Bembe(Chief Operating Officer)inTimi Yorkson Thomas(Chief Financial Officer)

Co-investorsCRE Venture Capital LoftyInc Capital Tofino Capital DFS Lab

CutStructlivevend.com in 𝕏

A construction procurement platform that consolidates material sourcing and ordering for contractors and builders.

B2B MarketplacesConstruction TechPropTechSaaSSugarland, US

Co-investorsTechstars CRE Venture Capital

Dlightdlight.com in

Co-investorsEndeavor Catalyst

Glintglintinc.com

Glint (now part of Microsoft as Viva Glint) offers an employee listening and engagement survey platform for HR teams and leaders at large enterprises.

AI & Machine LearningHR TechSaaSRedwood City, US

James Barnett(Executive Officer, Director)Dennis Jang(Executive Officer)in

Board Jason Pressman(Director)in Jeff Crowe(Director)in

Co-investorsBessemer Venture Partners Norwest Venture Partners Meritech Capital Partners Shasta Ventures

GoCabgocab.io

GoCab operates a vehicle rent-to-own platform for professional drivers (VTC, taxi, and independent drivers), providing cars with flexible daily payment plans that lead to full vehicle ownership over a 3-4 year contract.

FintechMarketplacesMobility & Transportation

Co-investorsCur8 Capital JANNGO Capital KawiSafi Ventures

Insight Terrainsightterra.com in

Insight Terra develops a data analytics platform that integrates sensor and Earth observation data to help organizations in mining, energy, agriculture, and water management identify and respond to environmental and infrastructure risks.

AgTechClimate TechData & InfrastructureIoTSaaS

Alastair Bovim(Founder and CEO)

Co-investorsAtlantic Bridge Ventures

Inspirafarmsinspirafarms.com in 𝕏

InspiraFarms Cooling provides cold chain infrastructure and cooling technology solutions to African agribusinesses, farmers, and exporters to reduce food losses and improve access to higher-value markets.

Advanced ManufacturingAgTechCleantechClimate TechFoodTechLogistics & Supply Chain

Co-investorsShell Foundation KawiSafi Ventures Pymwymic

Kamiounkamioun.com in

Kamioun operates a B2B mobile platform for ordering wholesale inventory for cornershops and small retailers in Tunisia, with delivery in under 24 hours.

B2B MarketplacesLogistics & Supply ChainRetail Tech

Co-investorsDakar Network Angels (DNA)Flat6Labs JANNGO Capital

Kofakofa.co in 𝕏

Kofa operates a battery swapping network across Africa to provide accessible, affordable electricity for electric vehicles, homes, and businesses without requiring legacy grid infrastructure.

CleantechEnergyMobility & TransportationAccra, GH

ErikDoreen

ManoCap Energymanocapenergy.com

ManoCap Energy designs, finances, builds, and operates clean energy infrastructure for businesses in Africa, including hybrid solar-plus-battery power systems and electric fleet solutions funded through power purchase agreements with no upfront cost to the customer.

CleantechEnergyMobility & Transportation

Tom Cairnes(Co-Founder and Chief Executive Officer (CEO))inDaniel Osei-Antwi(Co-Founder and Chief Operating Officer (COO))in

Co-investorsEiffel Investment Group Mirova

Mawingu Networksmawingunetworks.com in 𝕏

Mawingu is an internet service provider offering unlimited fixed-site WiFi, bespoke connectivity, and value-added services such as public IP and managed firewalls to homes and businesses.

Enterprise SoftwareImpact & Social Good

Nurunuru.cd inJul 2023 · $40M

Nuru builds and operates solar-based mini-grids to provide electricity in the Democratic Republic of Congo, including a 1.3MW solar hybrid site in Goma described as the largest off-grid mini-grid in sub-Saharan Africa.

CleantechEnergyImpact & Social GoodGoma, CD

Archip Lobo(Founder)in

Co-investorsInternational Finance Corporation Proparco

Openaccessopenaccess.energy in

Open Access Energy runs a platform that connects private energy generators (Independent Power Producers and traders) with large energy buyers over publicly owned grids, handling wheeling transactions, contract automation, and per-transaction revenue management.

B2B MarketplacesCleantechEnergy

Co-investorsEquator Factor[e] Ventures

Plentify +Moreplentify.io in

Plentify makes intelligent controllers for home energy systems: HotBot manages geysers to reduce electricity use and detect leaks, while SolarBot optimizes solar and battery systems for greater self-consumption.

CleantechEnergyIoTCape Town, ZA

Jon Kornik(Founder)

Co-investorsElevation Ventures Satgana Third Sphere

Solarise Africasolariseafrica.com inAug 2025

Solarise Africa provides integrated renewable energy solutions and financing for commercial and industrial businesses in Africa, combining solar installation, energy optimization, and Energy-as-a-Service offerings.

CleantechClimate TechEnergyFintechImpact & Social Good

Jan Albert Valk(Co-Founder & CEO)in Sakkie van Wijk(Co-Founder & COO)in

Co-investorsOikocredit Proparco

Solarx Africasolarx-africa.com in

SolarX is an energy transition partner and financing vehicle that develops renewable energy, energy efficiency, and energy digitalization projects, helping clients optimize energy consumption and reduce their carbon footprint.

CleantechClimate TechEnergy

Sun Kingsunking.com in 𝕏

Sun King designs, installs, and finances off-grid solar products—including solar lanterns, solar home systems, and multi-kilowatt inverters—for households and businesses without reliable grid access.

CleantechEnergyImpact & Social GoodNairobi, KE

Mayank Sekhsaria(Founder)in

Co-investorsARCH Emerging Markets Partners LeapFrog Investments Nithio General Atlantic

Sunculturesunculture.com 𝕏

SunCulture provides off-grid solar-powered irrigation pump systems that give smallholder farmers access to water, irrigation, lighting, and mobile charging, sold with a pay-as-you-grow installment option.

AgTechCleantechEnergyNairobi, KE

Co-investorsEquator Private Infrastructure Development Group Shell Foundation

Untapped Globaluntapped-global.com

Untapped Global finances revenue-generating assets for entrepreneurs in emerging markets who lack access to traditional venture capital or lending.

FintechImpact & Social GoodIoT

Jim Chu(Founder)

Co-investorsTimon Capital

Wattnowwattnow.io inNov 2024

Wattnow provides circuit-level energy measurement and software for industrial facilities to identify waste, verify utility bills, optimize load scheduling, and detect equipment faults.

CleantechEnergyIoTSaaSTunis, TN

Co-investorsLateral Capital Octerra Capital Satgana 216 Capital

YoLa Freshyolafresh.com in

YoLa Fresh operates a technology-driven fresh produce supply chain connecting farmers with retailers and end consumers in Africa.

AgTechB2B MarketplacesLogistics & Supply ChainCasablanca, MA

Larbi Alaoui Belrhiti(Founder)in

Co-investorsAlgebra Ventures JANNGO Capital

ZIZ Energieziz-energie.com

ZIZ is a diversified electricity company based in Chad that develops, finances, builds, and operates hybrid power plants and urban metro-grids serving secondary cities of over 25,000 inhabitants.

CleantechClimate TechEnergy

Co-investorsFMO Proparco

zola-electric-bgzolaelectric.com in 𝕏

ZOLA Electric operates the ZOLA iNTELLIGENCE platform, which combines solar hardware with AI-driven software to build distributed energy networks and manage operations, financing, and maintenance for local teams.

CleantechEnergyImpact & Social Good

Co-investorsCeniarth DBL Partners

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

BboxxCandi SolarESGPayGo EnergySolarX

Portfolio news

latest coverage across their companies

Paw Prints on the Canal raises over $13,000 for Northampton Police K-9 Unit - The Home News

Candi · homenewspa.com · Aug 12, 2026

Africa's off-grid solar sector courts mainstream investors with landmark financing deals - ABC News

Sun King · abcnews.com · Jul 31, 2026

Mobility finance platform GoCab raises $45m

GoCab · africaprivateequitynews.com · Feb 10, 2026

Mawingu Raises US$20mn to Drive East Africa Expansion | The Kenyan Wallstreet

Mawingu Networks · kenyanwallstreet.com · Oct 6, 2025

Solarise Africa Secures Additional USD 3.4 Million in New Funding

Solarise Africa · weetracker.com · Aug 4, 2025

Nigerian construction tech startup Cutstruct raises $1.5M seed round to scale operations and expand platform - Innovation Village | Technology, Product Reviews, Business

Cutstruct · innovation-village.com · Jun 24, 2025

Dabafinance - Nigeria’s CutStruct Gets $1.5M to Streamline Construction Procurement

CutStruct · dabafinance.com · May 29, 2025

New deal: Wattnow, energy efficiency company, raises $3.5m+ Pre-Series A to scale operations in Europe and MENA

Wattnow · outlierzventures.com · May 14, 2025

Frequently asked questions

How many investments has E3 Capital made?: E3 Capital has 32 tracked investments, including 2 dated in the last 24 months.
What stage does E3 Capital invest at?: E3 Capital invests at the Seed, Series A stages.
What sectors does E3 Capital focus on?: E3 Capital focuses on Cleantech, Climate Tech, Energy, Impact & Social Good.
Where is E3 Capital located?: E3 Capital is headquartered in Nairobi, KE.
Does E3 Capital lead rounds?: Yes, E3 Capital leads investment rounds.
Who does E3 Capital co-invest with?: E3 Capital most often shares deals with Ceniarth, Equator, Satgana, among 26 tracked co-investors.

Media · Podcasts & interviews

from their channel

Investing in Africa: Vladimir Dugin of E3 Capital in Conversation with Cygnum Capital

E3 Capital

The Electric Revolution:From Navigating Impacts of Oil & Gas To Powering East Africa's EV Revolution

E3 Capital

What Does it Take to Build a Unicorn in Africa?

E3 Capital

From Courtrooms to Classrooms: How an American Lawyer is shaking up Kenya's Education System

E3 Capital

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