Kenyan climate-tech startup has KOKO has raised an undisclosed amount of funding from Rand Merchant Bank (RMB).
KOKO replaces demand for charcoal through supplying over 1.1 million homes with bioethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs located in thousands of corner stores across urban Kenya.
The resultant carbon revenues are shared with households as a non-government energy subsidy, enabling even the poorest households to switch.
RMB has until now acted as the lead mandated arranger and financier for the pioneering carbon financing solution, and has now made a direct investment to further propel KOKO’s climate objectives.
“We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa,” said Greg Murray, CEO and co-founder of KOKO.
Phil Norton, carbon finance lead at RMB, said he was proud to partner KOKO in supporting its continued rapid growth while bringing far more affordable and lower emissions energy to millions of people in Africa.
“As a pan-African investment bank, this deal fits well within our ambition to build a market leading carbon trading and finance business operating across Africa, serving both existing and new clients,” he said.
