Easy Solar, a Free-town- based solar energy startup has secured $5m in its Series A round of funding, made up of a $3 million Series A Equity round led by global impact investor Acumen and FMO, the Dutch entrepreneurial development bank, in addition to a $2m debt facility from investment platform Trine. 

“We’re also very excited to have brought such experienced and committed investors to the table as we continue with the scaling up of our C&I activities to answer the growing energy needs of offices, farms, factories, schools, hospitals, etc. across West Africa, with the same commitment to quality, ease of use and affordability,” said Alexandre Tourre, CEO of Easy Solar. 

Here Is What You Need To Know

• Sierra Leone and Liberia are both low-income countries, with rates of electrification below 20%. The funding will enable Easy Solar to scale its reach in these markets, where the vast majority of the population are off-grid, while simultaneously expanding its portfolio of products for existing customers.
• With the latest investment also, Easy Solar plans to expand to other West African countries.

“We will continue to improve the reach of our brand and distribution network in Liberia and Sierra Leone — where we operate the country’s largest direct retail network — and leverage it to offer additional products and services to our customers, directly or through strategic partnerships,” Tourre Said. 

Why The Investors Invested

“Acumen is thrilled to support Easy Solar’s growth in markets that are too often overlooked. Despite low mobile-money penetration and a high concentration of low-income customers, Easy Solar has made pay-as-you-go solar accessible to Sierra Leoneans and now Liberians,” Meghan Curran, West Africa Director for Acumen said. 

Acumen invests patient capital in businesses whose products and services enable the poor to transform their lives. Founded by Jacqueline Novogratz in 2001, Acumen has invested more than $132 million in 136 companies across Africa, Latin America, South Asia and the United States impacting 308 million lives.

“Off-grid energy companies play a critical role in delivering clean, affordable, reliable energy without the need for grid infrastructure. Sierra Leone’s low electrification rates combined with limited alternatives for clean energy make Easy Solar’s business model highly relevant. The company has a strong and dedicated founding team, which has managed to grow the company substantially during the past years. FMO’s funding allows the company to continue this expansion, both inside and outside Sierra Leone.” Marieke Roestenberg, FMO Venture Program Manager said.

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. Easy Solar is part of FMO’s Ventures Program. This EUR 200mln program is supported by contributions from the Ministry of Foreign Affairs of the Netherlands as well as by a guarantee from the European Commission. The Program aims to help develop emerging markets by investing in early-stage technology-enabled innovative business models. The Program focuses on direct investments in young start-up and scale-up companies in fintech, energy access and Agri Tech, as well as on indirect (fund) investments in Venture Capital funds, predominantly in Africa and the European neighborhood but the Program also has an allocation for Asia.

On its part, Trine is an investment platform that makes it easy for people to invest in growing markets. 

Easy Solar Acumen

Read also: How Startups In Nigeria Are Disrupting Nigeria’s Electricity Problems

A Look At What Easy Solar Does

Founded in 2016, Easy Solar is an innovative distribution company making energy and financial services affordable and accessible for those with limited access to power in Sierra Leone and Liberia. The company makes these affordable through a range of flexible financing options, empowered by pay-as-you-go technology and mobile money, and accessible through an extensive network of agents and shops. The startup claimed to have reached over 450,000 people since its inception. Because of its extensive distribution network and volume of prior credit data, Easy Solar’s offering now goes beyond its core solar range, with complementary products including clean cooking devices and pay-as-you-go smartphones.

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