PayGo Energy, a cooking fuel provider that 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 has secured an amount of funding totaling $1.43m from a series of investors.
Investors such as Novastar Ventures, Energy Access Ventures, Village Capital, Global Innovation Fund, and Global Partnerships/Eleos Social Venture Fund were all part of the funding round.
When used judiciously, the funds should be able to 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 too. This would evidently, surely increase the company’s revenue.
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According to PayGo Energy chief executive officer (CEO) Nick Quintong, he said that “A billion households are forced to cook with dirty fuels everyday, 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,”
Since its launch in 2016, the company has witnessed a lot of increase in their customer base, having a Nairobi stronghold. While the company currently has an international team committed to launching its hardware and software technology across the region. We do hope that they come to Nigeria in their search of other African markets to launch into.
The startup’s mission is to unlock clean energy for the next billion, by revolutionising the distribution of cooking gas. Urban households living at the base of the pyramid spend a relatively large amount of income – US$0.50 per day – on fuels like charcoal and kerosene, which expose households to health and safety risks…