Largely operating in Kenya, the startup’s vision is one of empowering individuals to create a secure future for themselves.
UAE’s off-grid solar startup, Pawame, has announced that it has successfully raised $1.7 million in grants, $750k in equity, and $250k from pan-African frontier fund Launch Africa Ventures. The company has also announced the launch of its $5 million series A funding round in order to further boost its expansion into Africa.
Pawame boasts a diverse portfolio of high-quality solar home systems in remote areas of Kenya which uses mobile money repayments to make affordable, safe, clean, and reliable energy accessible for everyone. The startup’s business model also capitalises on using energy as a bridge to help families build credible credit history with the vision of ultimately empowering and enabling individuals to create a sturdy future for themselves.
Pawame’s Chairman and Co-Founder Alexandre Allegue said: “I am extremely proud of this announcement, as despite facing challenges during the pandemic, Pawame delivered exceptional results in 2020, including achieving bottom-line profitability and positive cashflow for the first time. We accomplished this thanks to our unique and sustainable value proposition, alongside a cost-effective execution and an exceptional team.”
The company is on a path of geographic expansion within and beyond Kenya, with the series A fund put in motion to further accelerate its operational growth. Pawame’s current investors are primarily Gulf-based, with its largest shareholders being senior executives of considerable power utility companies in the Middle East, as well as Launch Africa Ventures.
Sign up for the daily Startup Digest.