Uganda-based off-grid solar system provider SolarNow has raised $9m in series B funding from investors including petroleum supplier Shell and venture catalyst firm Novastar Ventures.
Founded in the Netherlands in 2011, SolarNow supplies small-scale solar systems and solar-powered appliances for homes, farms and small businesses not connected to larger electrical grids. It has 46 branches across Uganda and also has branches in neighbouring Kenya.
Brian Davis, Shell’s vice-president of integrated energy solutions for new energies, said: “We are impressed by SolarNow’s talented and experienced team. They have built a proven business and an exciting modular product offering.
“We believe that decentralised solutions will play an important role in providing productive energy to customers who currently lack reliable power. This investment is an important step for our Energy Access portfolio and we look forward to helping the business reach its potential.”
Novastar Ventures and non-profit venture capital fund Acumen had previously invested approximately $2.5m in the company in 2014.
In addition to the equity funding, SolarNow secured $2.8m in debt financing from crowdsourced solar investment service SunFunder across 2015 and 2016, before SunFunder arranged a $6m syndicated financing facility for the company in October this year.