Kenyan Solar Startup Pawame Banks $2.45m in Grant and Equity Funding

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    • AvatarEbigide Jude
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      Kenyan solar energy startup Pawame has raised US$1.7 million in grant capital and an additional US$750,000 in equity to fund its geographic expansion.

      Founded in 2016 by Alexandre Allegue, Majd Chaaya and Nick Sparks, Pawame allows customers to access solar home systems via a pay-as-you-go (PAYG) subscription model, and also helps them to obtain micro-loans via their mobile phones.

      The startup 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.

      In addition, Pawame has announced it is now launching its US$5 million Series A funding round to further boost its growth and expansion into Africa.

      “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 Parets.

      Source: https://disrupt-africa.com

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