Frankfurt (Germany) and Lusaka (Zambia), January 2020. GreenTec Capital Partners is very pleased to report that WidEnergy Africa LTD closed its 2019 fundraising goals very successfully. The woman-led Zambian company specializes in the distribution of affordable and renewable last-mile energy solutions and applies an innovative and impactful PAYGO model (Pay as you go) for its solar home systems, which naturally target the off-grid market in Zambia. Following a year of marked growth and impressive sales figures, WidEnergy exceeded its fundraising targets through grants, crowdfunding, and closing an external investor round.
Since GreenTec Capital invested in WidEnergy in May 2019, the company has experienced tremendous growth. The company reached the impressive milestone of 2,000 households connected to solar home systems in Q3 2019 and has continued to connect households throughout the year. Over the course of the investment, GreenTec Capital has supported the business with CFO support activities, structuring their business operations as well as initiating a successful German crowdfunding campaign (more details and to invest click here), which has at the time of writing has raised more that €220,000. The campaign’s target of €300,000 appears to be on track to be met by February 2020. WidEnergy was also awarded a grant for $200,000 USD by RUFEP, a Zambian grant provider supporting rural energy initiatives.
Among GreenTec’s targets for collaborating with WidEnergy were fundraising targets. Based on the company’s growth, dedicated team, and successfully implemented operational support objectives, GreenTec was able to lead a successful investment round in Q4 2019. We are extremely happy to report that the company has now secured an investment from a German investor with extensive experience in the asset management industry as well as early-stage investing in Africa. The funding will be used to support the establishment of new rurally-focused service and sales centers, increase business development activities, and implement a technological solution to analyze and the company’s loan book.
Subsequent, to this imminent growth, WidEnergy with GreenTec’s support will target a follow-on round in June 2020 to further grow the business strategically.
*For further information on other GreenTec portfolio companies that are currently in the fundraising cycle, please contact Dean Hastie.