M-KOPA raises Sh1bn in fundraising drive
Energy solutions company M-KOPA has received a billion shillings in funding to finance expansion across Africa.
The funding from FinDev Canada comes during the latest round of fundraising by the company to expand its services.
M-KOPA co founder Jesse Moore said the funding boost would enable the firm develop new systems that boost electricity connections in remote areas.
“M-KOPA is about upgrading our customers’ lives with high-quality and affordable energy solutions. This investment will help us bring power to another one million households over the next five years,” Mr Moore said.
The fundraising was led by CDC and also includes follow on investments by existing shareholders Generation Investment Management and LGT Venture Philanthropy.
As part of this investment, Dave Easton from CDC has officially joined M-KOPA’s Board of Directors.
M-KOPA has connected 600,000 homes across Africa with a unique payment system that allows users to make daily payments to own the lighting system.
FinDev Canada managing director Paul Lamontagne said the funding will enable M-KOPA expand its renewable power program and light more homes.
“Our investment will allow M-KOPA to reach more households across East Africa, providing access to power, improving the environment, creating significant levels of employment and helping customers save money and build a credit history,” he said.
M-KOPA plans to connect a million new homes within five years.
Story by Maryanne Nyambura
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