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The Senegal-based solar services provider has raised over $8 million in its second investment round as it looks to increase its product offering, and strengthen operations as it expands across the West African region.
- RP Global, Persistent Energy Capital (PEC), All On, Gaia Impact Fund are some of the investors who participated in the Series B investment round.
- Oolu Solar had earlier raised $3.5 million in its maiden investment round in 2015.
Senegalese-based solar energy startup Oolu Solar has recently raised $8.5 million in its Series B fund. This investment round was led by RP Global, an independent renewable energy developer. Persistent Energy Capital (PEC), All On, Gaia Impact Fund, and DPI Energy Ventures also participated in the Series B round.
The figure raised represents one of the biggest investment rounds by a Francophone Africa-based startup. According to Daniel Rosa, co-founder and CEO, Oolu’s business and industry strength during the pandemic has shown the value that customers place in their products and service. He further added that RP Global’s financial expertise and experience in managing renewable energy businesses would enable Oolu to accelerate its growth. In contrast, All On’s unparalleled knowledge of Nigeria’s renewable energy sector will help the solar company adapt its business to meet customers’ needs.
Oolu had earlier raised $3.2m in it’s Series A investment round 2017. With the recent Series B investment round, Oolu Solar’s total investment now stands at $11.7m.
Oolu Solar, which operates a pay-as-you-go solar services model, was founded in 2015 by Nilmi Senaratna and Daniel Rosa and. The company aims to provide energy for over 150 million people without access to electricity in West Africa. Initially setting up in Senegal, the company has expanded to other markets in West Africa including Mali, Burkina Faso, Niger and Cameroon and Nigeria.
According to the company, it has sold over 60,000 solar home systems in the countries where it operates since 2015. Oolu believes that with the latest round of investments, it can expand its product offering and bolster its operations across the region.
According to the Director of RP Global Africa, Leo Schiefermueller, RP Global is looking forward to working with West Africa’s most promising solar home systems provider and are optimistic that this investment will be their greatest venture on the continent so far.