Nigerian solar-power startup, Rensource, has raised $20 million (KSh2 billion) in its Series A round of funding to boost off-grid solar power.
Investors who took part in the funding include African venture capital fund, CRE Venture Capital and impact investor, the Omidyar Network, Inspired Evolution, Proparco, EDPR, I&P, Sin Capital, and Yuzura Honda.
According to the company, they will use the funding to expand its services to as many as 20 urban markets within 18 months. They are also seeking to launch its Spaces Offline to Online platform for supply-chain services, including business-analytics and working capital options.
Additionally, they will also install voltage and battery systems and smart meters.
Rensource is a renewable energy company that builds and operates solar-powered micro-utilities that provide electricity to commercial community structures, such as open-air trading bazaars. It has already set up in seven market clusters across Nigeria and is now looking to expand.