Solar Venture Builder Persistent Energy Closes USD 8 Mn Funding Round

By  |  February 26, 2020

Zurich and Lagos-based energy venture builder, Persistent Energy, has closed a USD 8 Mn financing round.

The firm reveals that the equity raise was in the form of Series B Preferred Units of ownership in Persistent, which gives Series B holders a seat on the Board of Directors.

Persistent Energy’s Series B was finalized in December 2019. At the time, the impact investor raised USD 3 Mn from the Shell Foundation and USD 2 Mn from Singapore-based Dream Project Incubators.

The new round of financing will enable the solar-focused venture to expand its core building activities by developing new early-stage ventures in new markets and new product areas.

The investors comprised high net worth individuals and institutional investors, including Dream Project ((DPI) – a renewable project developer and venture investor in clean energy businesses in Asia.

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

 image

Persistent Energy partners with exceptional entrepreneurial companies focused on innovation, improving their business models in order to scale and ultimately creating meaningful impact in underserved markets.

March 2019, Persistent joined hands with Verod Capital Management to invest USD 10 Mn in Daystar Power, a Lagos-based energy solutions provider.

The builder has also invested in Zimbabwe’s Zonful Energy, while having a litter of partners across Africa – including Rensource, Solar Works!, PEG Africa and Oolu.

Dirk Muench, co-founder of Persistent Energy says the Series B capital raise is the second on-balance sheet equity financing in the firm’s history.

Commenting, he said the round “is a validation of our venture building strategy and our focus on building companies that mitigate climate change and improve livelihoods in emerging markets, while providing our investors with attractive financial returns.

DPI founder and CEO, Kazoumi Kaneto, said: “We’re impressed with both Persistent’s thought leadership and its ability to execute its core strategy of building renewable energy business in Africa.

DPI is delighted to work with Persistent Energy to support startups dedicated to creating better places in Africa and other regions.

Image Courtesy: Zola Tanzania

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]