Kenyan-based solar energy startup Pawame has raised $1.7 million and $750,000 in grant capital and equity respectively to be used in its geographic expansion.
Pawame was founded in 2016 by Alexandre Allegue, Majd Chaaya, and Nick Sparks. It allows residents to access solar home systems via a pay-as-you-go (PAYG) subscription model while also offering micro-loans via their mobile phones.
Pawame offers a portfolio of innovative, high-quality solar home systems in remote areas of Kenya on a micro-financed basis, using mobile money repayment. The business model also uses energy as a bridge to help families build a credit history and gain access to other products.
The startup received grants from the Netherlands Enterprise Agency, the Energy and Environment Partnership, SNV, AECF REACT Kenya, and the flagship World Bank-funded Kenya Off-Grid Solar Access Project (KOSAP) and equity funding from Launch Africa Fund.
The startup says the funds will be used to fuel its geographical expansion and accelerate the development of new products and help the company achieve its ambitions of becoming a pan-African company and electrify over one million people in Sub-Saharan Africa by 2025.
“Energy is just the beginning, supplanting dirty kerosene lamps, our solar products help protect as well as change the lives of off-grid families. The funds from our Series A equity round will allow us to accelerate our growth by delivering a broader array of life-changing products to more families in more of Kenya and, eventually, to other parts of Africa,” said Maurice Parets, CEO Pawame.
Pawame has also announced it is now launching its US$5 million Series A funding round to further boost its growth and expansion into Africa.