Senegal-based solar power start-up Oolu Solar raises $ 8.5 million Series B • Techpoint Africa
Oolu, a Senegalese solar energy startup, has raised $ 8.5 million in a Series B equity investment.
The cycle was led by independent renewable energy developer, RP Global. Other investors who participated include Persistent Energy Capital (PEC), Shell All On’s impact investor, Gaia Impact Fund and DPI Energy Ventures.
In what can be considered one of the biggest tours for a French-speaking Africa-based startup, here’s what Daniel Rosa, co-founder and CEO of Oolu, said about the investment.
“The strength of our business and industry during a challenging global pandemic has demonstrated the value customers see in our products and services. RP Global’s financial expertise and experience in managing renewable energy companies will enable us to accelerate our growth.
All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us further tailor our business to meet customer needs. In addition, we are delighted to continue our successful collaboration with current investors, in particular Persistent. “
PEC led the startup’s $ 3.2 million Series A investment that it raised in 2017. US startup accelerator Y Combinator also participated in this cycle by making a follow-on investment for its start-up capital of $ 150,000 when Oolu Solar was in its 2015 summer batch.
On the other hand, GAIA Impact Fund, a French-speaking venture capital fund specializing in clean energy, made a strategic and undisclosed investment in the startup in 2018.
At the time, it was geared towards the Series B cycle that was originally scheduled to end in 2019. However, for reasons we cannot state, the investment cycle ended this year instead. This brings Oolu Solar’s total investment to $ 11.7 million.
Oolu has closed an $ 8.5 million Series B investment round led by independent renewable energy developer RP Global. Other participating investors included All On, Persistent, Shell Impact Investor, Gaia Impact Fund and DPI Energy Ventures. https://t.co/oAZANvrDsw
– OOLU (@oolu_solar) December 14, 2020
Founded in 2015 by Nilmi Senaratna and Daniel Rosa, the à la carte solar distributor seeks to meet the energy needs of more than 150 million people without access to electricity in West Africa. The startup was launched from Senegal, but it is now present in other French-speaking markets – Mali, Burkina Faso, Niger and Cameroon – and English-speaking Nigeria.
As the global transition to clean and renewable energy resources, such as solar power, gains momentum, there is significant potential in developing countries to install renewable energy as a primary source of energy, in particular. bypassing the need for traditional networks and leveraging existing mobile money services. .
Recognizing this potential in West African markets, Oolu says the team traveled to rural villages enabled them to gain a large share of these markets in a short period of time.
This is evident in the numbers it claims to have: over 60,000 solar home systems sold in these six markets since launch. And with this investment, Oolu Solar plans to expand its commodity offering and further develop its operations throughout the West African region.
“We look forward to working with West Africa’s most promising solar home system supplier. Having found a partner with such an efficient structure and excellent management makes us optimistic that this will be our biggest company in Africa to date, ”said Leo Schiefermueller, Director of RP Global Africa.
Featured Image Source: Oolu Solar website
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