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Pawame has raised $1.7m in grant and $750k in equity financing.
- The funds will enable the company to expand its business into other countries.
- The company, which currently operates in Kenya, also plans to increase its services and products offerings.
Off-grid solar startup Pawame has raised $1.7m in grant commitments and $750k in equity; this includes $250k from Launch Africa. Pawame has also announced that it intends to launch a $5m series A funding round. The financing will enable it to accelerate its growth and fund its African expansion plans.
Pawame currently provides solar home systems services in rural Kenya. The company’s business model embraces PAYG mobile money payments to provide affordable services for consumers. The company currently has plans to expand beyond Kenya. The UAE-based company has set its sights on providing energy access to over 1 million people in SubSaharan Africa by 2025. Pawame also plans to expand its product and services offerings with the introduction of appliances such as water tanks, solar water pumps and solar refrigerators aimed at improving rural productivity.
Dutch development organization SNV as part of the Market Based Energy Access II grant (MBEA-II) grant, will provide funding for Pawame’s market activation initiatives in Kakuma and Kalobeyei refugee camps. In addition, the AECF REACT Kenya and the World Bank-funded Kenya Off-Grid Solar Access Project (KOSAP) also provided grant funding to the startup.