Kenyan solar energy startup, M-Kopa closes $19 million funding round

by | Dec 3, 2015

Kenyan pay-as-you-go solar energy startup M-Kopa Solar, has taken its investment to the next milestone by raising $19 million funding round.

M-KOPA provides ‘pay-as-you-go’ energy for off-grid customers, combining mobile payments with GSM sensor technology to enable the leasing of solar power systems.

The funding round was led by London-based Generation Investment Management (Founded by former US Vice President Al Gore together with David Blood). Also included in the funding round were new investments by Richard Branson (Founder of Virgin group), Jean and Steve Case (Founders of AOL) and reinvestment by existing shareholders.

The startup says it is on track to reach its initial target of equipping 1 million homes in East Africa with solar energy by the end of 2017, having already reached over 280,000 homes in Kenya, Tanzania and Uganda in its first three years M-Kopa. Solar home systems are available to low-income households, for an initial deposit of just $30. They only have to make additional mobile money payments of 50 cents daily, in total far less than they would spend on kerosene.

Jesse Moore, chief executive officer (CEO) and co-founder of M-KOPA Solar says “we’re very pleased to have the world’s leading sustainability investors and entrepreneurs backing us at M-KOPA. We’re proving that solar power for the off-grid world will be transformative for customers, good for the planet and profitable for investors. In just three years we’ve reached over a quarter-million homes across three countries and we are just getting started,”

M-Kopa Solar home services are made affordable for the low income earners on a convenient pay-as-you-go plan by offering installment payments.

Ifeanyi Ndiomewese
Ifeanyi Ndiomewese

Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.

On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.


Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap