Kenya and US based pay-as-you-go (PAYG) platform for solar energy devices Angaza has raised US$4 million to expand globally, aiming to bring affordable renewable energy to 1.2 billion people living off-grid.
Angaza’s PAYG platform makes it possible for consumers in off-grid emerging markets to purchase renewable energy devices over time, in affordable micro-payments. The company has operations in seven African markets, as well as in India and Pakistan.
Manufacturers of clean energy devices select from Angaza’s embedded technologies to make their product line PAYG-ready; while distributors of PAYG-ready devices make use of Angaza’s software platform, the Energy Hub, that helps these companies quickly scale their PAYG operations.
The company announced it has raised US$4 million series A financing led by a US-based family office; with The Social Entrepreneurs’ Fund and others also involved. The funds are to be used for technology and partnership development, to enable Angaza to expand worldwide.
“We’re thrilled that these new funds will allow us to reach more manufacturers and distributors around the globe, which will ultimately enable the 1.2 billion people living off-grid to access clean energy devices,” said Angaza chief executive officer (CEO) Lesley Marincola.
Specifically, Angaza aims to reach over one million energy consumers by the end of 2016.
Based in Nairobi, Kenya, and California, US, Angaza has over the past two years set up operations in Kenya, Uganda, Malawi, South Africa, Senegal, Tanzania, and Zambia; as well as in India and Pakistan.
The company said it aims to build a more scalable approach to the global energy access challenge; saying the US$50 billion global market remains relatively untapped despite increasing activity over the last five years by for-profit entities addressing the off-grid market.
“We believe that the energy access market is poised for both phenomenal growth and social impact,” said a principal with the company’s lead investor.
“Angaza’s unique business-to-business model in the Pay-As-You-Go space clearly positions them for strong success, and we look forward to being a part of it.”
