Octavia Carbon, a Kenyan direct air capture (DAC) company, has successfully raised $5 million in seed funding to advance its innovative direct air capture (DAC) technology, which aims to remove carbon dioxide (CO2) from the atmosphere using geothermal resources, particularly waste heat.
The technology permanently stores CO2 in geological formations, setting it apart from traditional carbon capture methods, which focus on emissions at their source.
Founded in 2022, Octavia Carbon is building and deploying DAC machines in Kenya, positioning the country to become the most cost-effective hub for CO2 removal by 2025. The company’s pilot project, known as Project Hummingbird, will launch by the end of 2024, marking a significant milestone in its journey toward scalable carbon removal solutions.
The $5 million seed round was co-led by African venture capital firms Lateral Frontiers and E4E Africa, with additional contributions from Catalyst Fund, Launch Africa Ventures, Fondation Botnar, and Renew Capital.
Octavia Carbon also secured $1.1 million in non-dilutive carbon finance, underscoring the growing market demand for its carbon credits.
Martin Freimüller, co-founder and CEO of Octavia Carbon, highlighted the significance of the funding, saying, “This allows us to soon become the world’s second DAC company to complete the full cycle of deploying both CO2 capture and geological storage.”
Samakab Hashi, general partner at Lateral Frontiers, praised Octavia Carbon’s impact, said, “Their groundbreaking technology is revolutionizing economic development in Africa, proving that Africans are at the forefront of building a sustainable future.”
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