M-Kopa, a marketplace for financing solar household systems in East Africa (Kenya and Uganda), said on March 1 that it had raised $75 million. The funding will allow it to service two additional West African markets, Ghana and Nigeria. In 18 months, the business claims these two countries have sold 500,000 smartphones. Nearly 50% of all solar systems sold in 10 years.
This round included previous investors such as the CDC Group and LGT Lightrock, as well as LocalGlobe’s Latitude Fund and HEPCO Capital Management. The growth equity deal was led by Generation Investment Management and Broadscale Group.
“As we move into our new markets, we start with one product which is our smartphone financing. We obviously have a broader product portfolio in our more mature markets,” said Mayur Patel, Commercial Director of M-Kopa.
This fundraising comes a year after the company asked the Dutch Development Bank (FMO) for $3 million in funding to help it grow and extend its product and service offerings.
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With this latest investment, the company has raised about $190 million in its 12 years of operation. It claims to have released more than $600 million in finance for its 2 million underbanked customers across its African markets, led by Jesse Moore (pictured).
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The company, which redirected its efforts during the pandemic by focusing on smartphone finance, wants to build more flexible financial products for its consumers over the next several years while also improving its technology.
M-KOPA Ghana Nigeria M-KOPA Ghana Nigeria
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer