PAYG Startup Solar Panda Secures USD 8 Mn Series A Funding

Solar Panda, a startup based in Canada and Kenya that designs, manufactures, and sells pay-as-you-go (PAYGo) solar household systems in Kenya, has received USD 8 Mn in Series A funding. The funding round was led by impact investors Oikocredit and the EU-funded Electrification Financing Initiative (EDFI ElectriFI). The investment will be used to increase the company’s product offerings, expand its reach within Kenya, and lay the groundwork for future growth in Kenya and Sub-Saharan Africa.

Solar Panda distributes Solar Home Systems, which include lighting, mobile charging, radios, and televisions, through its own network of 37 stores and 1000 sales agents throughout Kenya. Systems are sponsored for clients in order to make them affordable and to benefit various aspects of their lives, such as reducing the need for hazardous kerosene lanterns, saving families money, promoting education, and enabling increased productivity.