This white paper examines venture studios as a distinct model for building startups across Africa, based on data covering 3,500+ startups and 40+ studios. Key findings: studio-backed companies raise follow-on funding at roughly double the rate of accelerator- or incubator-backed ones, and do so about a year faster, raising larger, more commercially oriented rounds, with a median first follow-on of roughly $500K versus about $200K for accelerator-backed companies, and nearly 90% accessing equity or debt financing rather than relying primarily on grants. Delta40 contributed to the research and is featured as case study.

For the first time since Africa: The Big Deal began tracking venture investments on the continent seven years ago, debt has overtaken equity, accounting for 70% of the $750M raised across Africa in Q1 2026.

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At our 4th Annual Delta40 Debt Investors Roundtable, we brought together commercial banks, VCs, DFIs and founders to examine what that shift really means.

Inside you’ll find:

• Delta40 and our Portfolio’s Impact

• Learnings and Milestones from our unique Venture Studio Support Model

• Update on our Innovation Programs and Scale Summits

• Our Pulse on the Market and the Impact for Ventures

• How Partners Can Get Involved and Amplify our Impact

In 2026, with the close of our Fund I behind us, we look forward to investing in exceptional founders on the frontlines, continuing to provide our world-class studio support, running two innovation programs, and sharing our learnings with our partners and the broader ecosystem.

The Delta40 & GOGLA Energy & Mobility Innovation Scale Summit supported by Rockefeller Foundation, GEAPP, GET.Invest, Lemelson Foundation and other partners aimed to create a thriving innovation ecosystem in Africa around a shared goal to achieve Mission 300 - delivering energy innovations to 300 million people across Africa by 2030 that drive growth, jobs, and planetary health.  To do this, we curated a group of leading innovators, investors, corporates, and ecosystem leaders to collaborate more deeply and quickly to test new ideas and scale proven innovations. 

Creating and investing in innovations in the circular economy ecosystem in Africa can drive economic growth, create jobs, increase climate resilience and reduce emissions. Together, we will dive deep into what it truly takes to:

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• Turn waste into value through cutting-edge innovations, from upcycled fashion to advanced bio-based materials.

• Scale circular systems from niche solutions to mainstream adoption across the continent.

• Catalyze investment in high-growth circular business models ready to make a significant impact.

• Drive regenerative impact in communities and ecosystems, fostering a sustainable future for Africa.

A Climate Innovation Videocast Series for Africa, co-created by Delta40, The Flip, Africa Climate Ventures, and Catalyst Fund, The Greenprint is a unique video + podcast series created to spotlight, support, and grow innovative climate ventures led by world-class Founders in Africa. Dive into our episodes on the Venture Studio Model; How Africa's Green Industries Could Save the Planet; Can Solar Power Solve Nigeria's Energy Crisis; What We Get Wrong About Climate Financing; How We're Helping African Farmers Grow

In this episode of Talking Development from the Mission 300 Africa Energy Summit, World Bank Managing Director Anna Bjerde joins our Co-Founder & Managing Partner Lyndsay Holley Handler for a powerful conversation on unlocking Africa’s energy future. They discuss bold, entrepreneurial approaches to tackling energy access, creating jobs, and advancing gender equity—all while building scalable, inclusive solutions for long-term impact.

After witnessing the urgent need for climate innovation across Africa, our Co-Founder & Managing Partner Lyndsay Holley Handler joined Accion Venture Lab’s Amee Parbhoo to share how Delta40 is co-building early-stage ventures that deliver clean energy, financial access, and resilient livelihoods to underserved communities.

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Curious how we’re doing it? Listen to the full conversation

Across Africa, women bear the brunt of climate change with the least resources, yet consistently pioneer the boldest solutions and deliver superior returns for investors. Lyndsay Holley Handler gets real with Skoll on this problem and the Delta40 solution.

Key takeaways from a practical, solutions-focused dialogue on unlocking debt capital for African startups. These insights were curated from a niche group of experts at the 2025 Delta40 Annual Debt Roundtable.

An overview of debt financing opportunities for climate ventures in Africa — including active lenders, loan terms, and key requirements for accessing capital. These insights were curated from a niche group of experts at the 2024 Delta40 Annual Debt Roundtable.