Bidra Innovation Ventures raises $200M fund
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.