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Kenyan clean-energy provider, Paygo has raised US$1.43-million in Series Seed debt and equity funding. The clean energy provider uses an innovative solution that allows households to cook using clean burning liquefied petroleum gas (LPG) in small amounts.
The company’s investors consist of Novastar ventures, Energy Access Ventures (EAV), Village Capital and the Global Innovation Fund. It also includes Global Partnerships/Eleos Social Venture Fund.
“A billion households are forced to cook with dirty fuels every day, which is not only a serious development challenge but also a significant market opportunity. This financing will allow us to invest deeply in our technology, build a service that our customers love and prepare for commercial rollout,” said PayGo CEO Nick Quintong in a press release.
More specifically the injection of funds will allow PayGo to expand its customer base within Nairobi. It will also allow the company to expand its software and further develop its smart-meter as well as its team.
Paygo will use its new funds to expand throughout Nairobi
“We are delighted to be supporting Paygo Energy as the company prepares for rapid growth,” said Jim Villanueva, the MD of the Social Ventures Fund.
“Paygo’s innovative approach to providing affordable clean energy promises to be both scalable and profitable, generating immense social and environmental impact,” he said.
“EAV is delighted to be part of Paygo’s round. We are excited by the tremendous potential the company’s technology has to significantly increase uptake of LPG in the home outside of wealthy, urban areas in Sub-Saharan Africa in a way that is highly impactful and commercially promising,” said Michael Gera, the managing partner of EAV.
“In addition, we were most impressed with the Paygo team, who have consistently shown entrepreneurial drive coupled with a passion for making a difference,” he concluded.
Featured image: Armin Gruber via Flickr (CC 2.0, resize)