February 6, 2014
M-KOPA Solar is today announcing that it has closed its most recent round of funding, raising US$ 20 million (Ksh 1.72 Bn) to fund expansion of their customer base from 50,000 homes to one million homes by 2018. M-KOPA Solar is an innovative asset financing company that sells solar home systems to off grid households, on an affordable 12-month mobile money payment plan…
Other lenders in M-KOPA Solar’s debt facility are Bill & Melinda Gates Foundation, LGT Venture Philanthropy, Imprint Capital, and Netri Foundation. The US$ 20 million in funding includes grants from DFID UK, Bill & Melinda Gates Foundation and the Shell Foundation. And there is re-investment by lead equity investors Gray Ghost Ventures. Funds are being used to scale up sales and operations in East Africa, expansion into other markets, R&D and business intelligence.