Nigeria’s Rensource Energy raises $20mln expansion fund
Thursday, 19 December 2019 17:14
(Ecofin Agency) - Rensource Energy, a Nigerian startup specializing in providing solar energy solutions, raised $20 million in a Series A round co-led by investment firm Omidyar Network and South African venture capitalist CRE Venture Capital. Inspired Evolution, Proparco, Sin Capital and three other investors also participated in the transaction.
Rensource says it will use the resources to expand its energy solutions offerings in Nigeria, strengthen its technological infrastructure and also launch the Spaces O2O (Spaces Offline to Online) platform which aims to support small and medium enterprises (SMEs) by providing them with financing to strengthen their operations.
“Rensource’s goal is to offer solutions to the many challenges faced by SMEs in Nigeria, starting with power and expanding to other value-added services,” said Pardon Makumbe Pardon Makumbe, co-founder and partner at CRE Venture Capital.
In a study published this year, Business France found that only 45% of Nigerians have access to electricity.
Chamberline Moko
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