BioLite has received funding to expand its operations in Sub-Saharan Africa. Moriva SunFunder provided $5.3 million to the startup. Lion’s Head Global Partners negotiated the deal in collaboration with the Energy Inclusion Facility Off-Grid Energy Access Fund (EIF-OGEF).
BioLite produces solar home systems in Sub-Saharan Africa, allowing rural houses to be electrified. These self-contained systems are frequently complemented by other solar-powered gadgets. The company also supplies low-carbon cooking kits to households in Africa in order to minimise deforestation caused by the use of wood as a cooking fuel.
The $5.3 million credit, according to Mirova, will help BioLite to finance its “increasing working capital needs, a result of its rapid expansion in Sub-Saharan Africa.” “Access to this additional money is vital to BioLite’s future expansion and success in the off-grid solar sector, as well as to helping us realise our aim of supplying sustainable energy and combating climate change,” says Robb Dahir, BioLite’s financial director.
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The business, which is still growing throughout Africa, has recently gotten other finance. In 2020, as the Covid-19 pandemic swept the globe, BioLite received $5 million in funding from KawiSafi Ventures, an East African-focused impact fund. With this money, BioLite hoped to increase the reach of its solutions, invest in the creation of new ones, and improve the efficiency of its Chinese supply chain.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh