PayGo Energy raises finance for Kenya LPG expansion
PayGo Energy, the Kenyan pay-as-you-go clean cooking fuel provider, has raised a $1.43m (£1.1m) to fund its expansion.
PayGo Energy allows households to cook on clean burning Liquefied Petroleum Gas (LPG) and uses pay-as-you-go technology to allow customers to purchase the system over time via mobile money.
It has reportedly secured funding from the like of Novastar Ventures, Energy Access Ventures, Village Capital, Global Innovation Fund, and Global Partnerships/Eleos Social Venture Fund.
It will finance the expansion of PayGo Energy’s customer base in Nairobi, the development of its software platform and next generation smart meter, and the growth of its team.
Since launching its first technology pilot in 2016, Paygo Energy has developed a steady customer base in Nairobi, while the company currently has an international team committed to launching its hardware and software technology across the region.
Nick Quintong, PayGo Energy’s chief executive, told disrupt-africa.com: “A billion households are forced to cook with dirty fuels every day, which is not only a serious development challenge, but also a significant market opportunity. This financing will allow us to invest deeply in our technology, build a service that our customers love and prepare for commercial rollout.”