Delta40 Fund I
Fund Overview
Total Assets under Management:
Delta40 is a Venture Studio, and VC Fund in Africa building and investing in innovative ventures led by top Founders that improve livelihoods, jobs and planet positive growth. Delta40 is raising a $7 million Fund I to build a diversified portfolio of about 20 early-stage climate and impact ventures. Fund I will invest an average of $100 000–$350 000 per company via equity, with follow-on capacity bringing total exposure to roughly $500 000 per venture, and deploy $25 000 SAFEs at the pre-seed or angel stage to spark innovation and feed the Delta40 pipeline. In total, the fund targets more than 20 investments once follow-ons are included. Beyond capital, we have built a unique Venture Studio and community of experienced entrepreneurs, investors and thought leaders to provide hands-on support to drive growth of these ventures from idea to pan-African scale.
Regions in which we are active
Impact Themes
Track Record
Delta40’s team brings deep off-grid and distributed-energy know-how. Founder Lyndsay Holley Handler, Venture Partner Brian Warshawsky, and Nigeria MD Bankole Cardoso collectively built and scaled Fenix International, taking PAYGo solar to five million customers across nine countries and steering its sale to ENGIE. Their experience ranges from mass-manufacturing smart solar kits to closing productive-use and mini-grid deals on the ground in West Africa. On the large-scale side, Investment-Committee member Ron Mincy led more than US $500 million of equity into African solar and wind at BlackRock and co-created the Climate Finance Partnership. For catalytic structures, Venture Partner Leslie Labruto managed Acumen’s US $70 million energy portfolio and launched the US $20 million KawiSafi off-grid fund, pioneering first-loss and results-based finance. Post-Investment Director Micheline Ntiru adds 15 years of advising clean-energy founders on debt packaging and carbon-credit monetisation. Finally, Portfolio Director Elana Laichena and advisor John Foye anchor Delta40’s bio-energy work. Elana founded biomass-briquette start-up Kuni Safi and now steers investments like Giraffe Bioenergy, while John contributes carbon-market and agro-forestry expertise from Working Trees to sharpen due diligence and impact measurement.
Key Achievements
12 portfolio ventures; four new investments in 2025 (Ecowaka, Farm2Feed, FarmSky, Instollar) 5.5× follow-on capital leveraged to date First portfolio company (SunFi) closed a US $2 million seed extension co-led by local banks
Historical Returns
- Financial: Deployed US $1.8 million across 12 direct investments (average ticket ≈ US $148 k). Achieved a 5.5× leverage ratio, attracting more than five dollars of follow-on capital for every Delta40 dollar invested.
- Social/Environmental Impact: Portfolio companies support 136 full-time jobs (40 % held by women) and 140 part-time jobs (74 % women). Collectively mitigated 16,930 tons of COâ‚‚ as of Q1 2025 through clean-energy and climate-tech solutions.
Exit and Realization Track Record
No realizations yet (fund vintage 2023). Team track record includes the acquisition of Fenix International by ENGIE (2018).
Examples of Notable Investments
SunFi — Solar-FinTech | Nigeria | Energy Access SunFi tackles Africa’s unreliable grid by pairing a marketplace of vetted solar installers with an in-house credit engine that spreads equipment costs over 6–36 months. Founded in 2021, the platform has generated US $2.4 million in revenue (US $330 k from financing margins) and now serves households and SMEs across Lagos and Abuja. Delta40 invested US $100 k alongside Ventures Platform, Elemental Excelerator, Wilson Sonsini & Kaleo Capital, and provides studio support in commercial strategy and debt fundraising. SunFi is raising US $12 million (US $10 m debt, US $2 m equity) to expand its team, increase working capital, and enter two additional West-African markets.
PowerUp — Battery-as-a-Service | Uganda, Kenya, Tanzania & Zambia | Clean Cooking / Productive Energy PowerUp designs smart-metered e-cookstoves and energy-efficient appliances financed through carbon credits and pay-as-you-go plans. Its electric stoves eliminate biomass, double cooking speed, cut indoor air pollution, and cost less per meal than charcoal. After three years in operation, PowerUp has sold 16 000+ units across four East-African countries, booked more than US $1 million in revenue, secured US $786 k in grants (EEP Africa, CLASP, MECS, Autodesk) and signed a 50 000-unit supply contract with UpEnergy. The company closed an US $850 k seed round in 2024 and will deploy the capital toward team expansion and next-generation product development.
Giraffe Bioenergy — Agri-Ethanol | Kenya | Ag & Energy Kenya imports 98 % of its ethanol cooking fuel, making prices volatile and encouraging charcoal use that drives deforestation. Giraffe Bioenergy integrates drought-resistant cassava varieties with modular biorefinery tech to produce low-carbon, locally sourced ethanol. The venture has established a 65-hectare cassava nursery, trained 200 women farmers in Good Agricultural Practices, and is cultivating 300 hectares for feedstock. To date it has raised US $2.5 million in grants, debt, and equity from Gather, Dunn Family Foundation, Livelihood Impact Fund, and others. Giraffe is seeking US $30 million (US $20 m debt, US $10 m equity) to build its commercial biorefinery, finance ag-capex, and scale working capital.
Fund Status
- Philantropic Partners: Lemelson Foundation – innovation program partner Bestseller Foundation – innovation program partner Skoll Foundation - Ecosystem partner Autodesk Foundation - Novo Nordisk Foundation Global Energy Alliance for People and Planet CLASP
Operational Details
Team Composition
Delta40’s team counts 15+ professionals based in Kenya and
Nigeria, bringing 100-plus years of founder, operator, and investor experience. The leadership spine comprises Founder & Managing Partner Lyndsay Holley Handler, Investment Partner - Biola Alabi, Managing Director-Nigeria Bankole Cardoso, and Chief Ecosystem Officer Sidee Dlamini. Sector-focused venture partners—Brian Warshawsky (energy), Juliana Green (agriculture), and Kanini Mutooni (Kenya)—source and vet deals. Execution is powered by a Chief Commercial Officer, Talent and Post-Investment directors, a Venture Support unit, program managers, and business analysts. This blend covers investment diligence, venture building, talent, capital raising, and ecosystem engagement end-to-end.
Monitoring, Evaluation and Reporting
We track IRIS+ and SDG metrics, plus gender indicators aligned with 2X Criteria. Ventures submit quarterly data via our dashboard; we compile a quarterly semi-annual impact and financial report for LPs.
We align our impact metrics with IRIS+ and the UN SDGs, drawing indicator definitions from IRIS+ and mapping every portfolio metric to at least one relevant SDG target.
We report quarterly.
Contact:
Other Information
Delta40 uniquely combines a venture studio model with a blended-finance fund, giving early-stage African climate ventures both hands-on company-building support and catalytic capital. We welcome LPs who share our vision for universal clean energy and inclusive job creation across emerging markets.