Solar Startup Pawame gets $2 Mn Seed Financing to Electrify 150 Mn Sub-Saharan Households

By  |  March 7, 2018

Pawame, Kenya and UAE based off-grid solar start-up has raised a seed funding of $2 million from Gulf-based investors to expand its footprint in Kenya and other parts of Africa.

The round was led by CT Arabia, an investment firm created by regional energy executives to invest in Pawame, along with angels serving as senior executives from power utility companies from MENA. These include Paddy Padmanathan, chief executive of Acwa Power, Wouters Ltd CEO Frank Wouters amongst others.

Launched in 2015, the company provides affordable solar kits to off-grid households in sub-Saharan Africa on a micro-finance basis. It uses customer’s credit scores to provide them with other products and services such as loans, insurance and access to internet.

Pawame was lately selected as a finalist at Harvard Business School’s New Venture Contest as well as the SXSW Accelerator Pitch Event. For its work at Kakuma refugee camp, it emerged semi- finalist at the MIT Enterprise Forum.

According to CEO Maurice Parets, “Pawame’s business model is to grow sustainably, acquiring customers with its solar home system and collecting reliable data to build a trusted credit history. We have connected 4,000 homes to solar power in Kenya and have impacted more than 20,000 lives. Using our pay-as-you-go financing, we provide not only solar powered lights but also radio and TV.”

Cross-Border Money Transfer In Africa: Is Bitcoin The Golden Silver Bullet?

 image

With its aim to electrify 150 million households in sub-Saharan Africa and also to break even by the end of this year, the company said that it will soon launch another funding round to further accelerate growth.

Journalism is broken in Africa


Help us build a narrative on African Business, Startups, Tech and Economy
Join us today to empower great story telling, one story at a time

Monthly Membership

$10

(billed monthly)

Access To 1 Month WT Membership

Access To Premium Newsletters For 1 Month

1 Month Access To WT's Content Archive

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Subscribe Now
Popular

Annual Membership

$60

(billed annually)

Access To 12-Month WT Membership

Access To WT's Conferences & Events

Access To All WT's Research Reports On Africa

Access To Podcasts, Video Content & Recordings

Access To All Premium Newsletters

Unlimited Access To WT's Content Archive

Subscribe Now

If you are a Corporate or a Student, please reach out to us for subscription at [email protected]