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Bidra Innovation Ventures raises $200M fund

Apr 5, 2023
Illustration of a dollar that looks like cracked earth with a tiny plant growing out of it

Illustration: Sarah Grillo/Axios

Bidra Innovation Ventures, a sustainability-focused venture firm focused on underserved markets, has raised an additional $200 million to bring its AUM to $250 million.

Why it matters: The additional funding is four times Bidra's initial raise in 2022, indicating an increasing appetite among LPs to invest in emerging markets.

Details: Mohammed VI Polytechnic University, a Moroccan university, and OCP Group, the fertilizer maker, provided the funding.

  • Since closing its initial $50 million in funding in December, Bidra has backed robotics maker Niqo Robotics, bio-pesticide maker AgroSpheres, soil tech startup Pattern Ag, farm management software provider Apollo Agriculture and carbon sequestration startup Travertine.

Context: Bidra is among a handful of venture firms primarily investing in sustainability startups in Africa and other underserved markets.

  • Its focus reflects the major industries on the continent, from mining and agriculture to water use and renewable energy.
  • Though just a fraction of venture dollars go to startups in the Middle East and North Africa, many of its residents are bearing a greater share of the impacts of climate change than those in North America and Europe, where most climate tech funding goes.

What we're watching: Whether other large corporations, especially those in agriculture, follow OCP Group's lead in taking a stake in the future of climate resilience in Africa and beyond.

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