Nigeria’s renewable startup Rensource, announced today that it has raised a whopping $20 million in Series A equity round – the largest ever for a Nigerian renewable energy start-up! This is based on information contained in a press release sent to Nairametrics.
Here are excerpts of the press release;
The round was co-led by existing investors CRE Venture Capital and the Omidyar Network, with participation from Inspired Evolution, Proparco, EDPR, and other investors.
Despite being Africa’s most populous country, Nigeria only has 12 gigawatts of installed grid capacity, with just one-in-four Nigerians connected to the national power grid. In contrast, South Africa has 50 gigawatts. Rensource launched commercially in 2016 to address West Africa’s power crisis, starting with Nigeria.
This round will see the company expand their offering beyond energy, with the launch of a new B2B platform, “Spaces O2O”, a project created to address the holes in the country’s fragmented supply chain. This will ultimately help SMEs and microSMEs, working in the regions they have a presence, access services that accelerate their productivity growth.
More to follow….