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Senegal-based startup, Oolu has secured $8.5-milliom in a Series B round of investment led by RP Global, an independent renewable energy developer, and several additional investors namely; Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures.
The pay-as-you-go solar startup has secured $8.5-million in funding
In an official press statement, Leo Schiefermueller, Director of RP Global Africa, comments on its investment made into Oolu.
“We are looking forward to working with the most promising solar home systems provider in West Africa. Having found a partner with such an efficient structure and excellent management makes us optimistic that this will be our greatest venture in Africa to date. The fantastic team at Oolu is prepared to lead the company towards a whole new level of success and growth in all areas of one of Africa’s most important challenges – ‘access to energy’.”
The funding will be used to expand the startup’s offering of pay-as-you-go solar energy and develop its operations in West Africa.
Dan Rosa, CEO, and co-founder of Oolu explains that the funding is integral to the growth of the startup in providing renewable energy to much-needed communities.
“The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service. RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelerate our growth. All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors especially Persistent.”
Founded in 2015, the West African startup aims to provide access to affordable energy for rural and peri-urban individuals in the region.
With an innovative service that allows users to purchase solar home systems, providing a source of renewable and reliable energy to homes.
Oolu claims to have sold more than 60 000 solar home systems to customers in West Africa. The startup’s business model enables it to offer high-quality solar products on an affordable financing plan to customers.
With headquarters in Dakar, the startup supports women-empowerment and this reflects in its management team which is 50% made up of women.
Featured image: Oolu , Facebook