Kenya-based solar technology provider SunCulture has raised $14m in a series A round backed by energy utility EDF and renewable energy project developer Dream Project Incubators.
Investment firm Acumen Capital Partners and private equity fund Energy Access Ventures also participated in the round, which followed an undisclosed amount of funding from EDF in August 2018 through a partnership agreement.
Founded in 2013, SunCulture sells solar panels, water pumps and irrigation systems to smallholder farmers in Africa, offering a pay-as-you-grow financing service. It has served customers across Kenya, Ethiopia, Uganda, Zambia, Senegal, Togo and Cote D’Ivoire.
The new funding will be used for product development and improvement, as well as to bolster the company’s sales in Kenya and expand internationally. Energy Access Ventures had participated in a seed round of undisclosed size for the company in 2017.
SunCulture’s co-founder and CEO, Samir Ibrahim, said: “This equity raise puts us in a position to dramatically accelerate our growth and international expansion. We are thrilled to work with this phenomenal coalition of investors, who have a deep understanding of our business and share our commitment to reaching underserved communities.”