Project SAFFAL: Building a Pipeline of Investment-Ready Climate Startups

Project SAFFAL (South Asia Finance Facility for Acceleration and Leverage) is a collaborative initiative designed to unlock capital for women-led climate enterprises across South Asia.

Led by Massive Earth Foundation in partnership with UN Environment Programme and UN Women and supported by the EmPower: Women for Climate-Resilient Societies Programme, which in turn is funded by the governments of Sweden, New Zealand, Switzerland, and Germany, SAFFAL aims to accelerate climate innovation while advancing gender equity.

At its core, the initiative focuses on building a robust pipeline of investment-ready climate enterprises and connecting them with catalytic capital.

Building a Pipeline of Climate-Ready Enterprises

The first phase of Project SAFFAL focused on identifying promising climate-focused SMEs across South Asia.

An open call for applications generated an overwhelming number of submissions from women entrepreneurs working on climate innovation. Following a rigorous evaluation process conducted by the teams at Massive Earth Foundation and Climate Angels Fund, startups were shortlisted through a structured review that included:

• Detailed founder discussions and product demonstrations
• Assessment of business models and scalability
• Evaluation of climate and social impact potential
• Financial viability and growth trajectory

Enterprises were required to meet specific eligibility criteria, including:

• Being women-led startups or SMEs
• Operating in India, Nepal, Bhutan, Bangladesh, or Sri Lanka
• Working within clean energy or low-carbon technology sectors
• Demonstrating measurable environmental or social impact
• Being legally registered and operational

The strength and diversity of the applicants led the program to expand its cohort to 160+ women-led enterprises, each bringing innovative solutions to the climate transition.

The SAFFAL Bootcamp: Preparing Startups for Scale

Selected startups are currently participating in a 12-week accelerator bootcamp designed to equip them with the tools, knowledge, guidance and networks required to become investment-ready climate startups.

The bootcamp combines expert-led workshops, mentorship, and peer learning across several key themes:

1. Climate Business Fundamentals

Entrepreneurs receive guidance on building scalable climate business models, refining customer discovery processes, and strengthening operational strategies.

2. Investor Readiness

Sessions led by investors and finance experts help founders understand capital structures, financial planning, and the right timing for fundraising.

3. Pitching and Storytelling

Through pitch clinics and storytelling workshops, startups learn how to communicate their climate impact and investment proposition effectively.

4. Financial Literacy and Governance

Startups gain practical insights into compliance, due diligence, and financial management — key elements for attracting institutional investors.

5. Team Building and Leadership

The bootcamp also helps founders learn how to hire the right talent, build high-performing teams, and cultivate the resilience and problem-solving mindset needed to navigate the uncertainties of early-stage climate startups.

Participants also gain access to global startup tools and technology platforms through partnerships with leading ecosystem organizations and technology companies, like Google, Microsoft and HubSpot.

Beyond Acceleration: A Blended Finance Facility

While the bootcamp strengthens the capabilities of participating startups, Project SAFFAL’s long-term vision goes further.

The initiative is simultaneously developing a blended finance facility targeting USD 6–10 million to support these women-led climate enterprises across South Asia.

The blended facility under Project SAFFAL will combine:

• Grant capital
• Debt financing
• Equity investments

This blended approach uses philanthropic and catalytic capital to de-risk investments and crowd in private capital, enabling climate enterprises to access financing that would otherwise remain out of reach.

As part of this effort, Project SAFFAL has already secured collaboration with the ISFC (Indian School Finance Company), which has signed a memorandum of understanding to potentially provide debt financing of up to ₹5 crore per enterprise (approx. USD 600,000), subject to investment criteria and due diligence.

We are also in discussions for additional MoUs with institutional and impact capital providers.

Catalyzing Capital in Parallel: The Singapore Investor/Donor Summit

While startups progress through the bootcamp and build investment readiness, Project SAFFAL is simultaneously engaging with the capital ecosystem.

As part of this effort, SAFFAL convened a high-level Investor/Donor Summit in Singapore, bringing together impact investors, philanthropic organisations, development finance institutions, and ecosystem partners.

The Summit served as a platform to align stakeholders around a shared objective: unlocking capital for women-led climate enterprises in South Asia.

Discussions focused on:

• Advancing blended finance solutions
• Addressing risk perceptions in early-stage climate investments
• Strengthening the pipeline-to-capital connection

A key outcome was the growing consensus on the role of catalytic capital in crowding in private investment, alongside continued engagement with potential funding partners.

By running in parallel with the accelerator, the Summit reinforces SAFFAL’s approach — not only preparing enterprises for capital but also preparing capital for enterprises.

What Happens After the Bootcamp

At the conclusion of the 12-week accelerator program, startups will participate in investor connect platforms and funding engagements where they will present their ventures to a network of:

• Impact investors
• Climate funds
• Development finance institutions
• Philanthropic foundations
• Family offices

This would happen either through a Demo Day or curated 1:1 introductions, depending on investor availability.

Shortlisting will be based on overall funding readiness — including the strength of the business model, stage, market opportunity, traction/pilots, impact potential, scalability, and alignment with investor criteria.

The goal is not only to enable individual companies to raise capital, but also to build a sustained pipeline of investable women-led climate businesses for the region.

Over time, the SAFFAL platform aims to support a significant number of women climate enterprises in South Asia through tailored technical assistance, mentorship, and capital access.

With the right catalytic support, Project SAFFAL can demonstrate how targeted interventions — combining capacity building, ecosystem collaboration, and blended finance — can unlock the full potential of women-led climate innovation in South Asia.

Want to Understand Why Initiatives Like SAFFAL Are Critical?

Read our previous article on the climate finance gap and the importance of women-led climate innovation in South Asia: