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    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    Kenyan students win global tech prize with hearing app

    Kenyan students win global tech prize with hearing app

    OpenAI leaders call for coordination and safety in superintelligence development

    OpenAI leaders call for coordination and safety in superintelligence development

    Google adds 8 new African countries to its Flood Hub platform

    Google adds 8 new African countries to its Flood Hub platform

    Safaricom to carry out system maintenance for 5 hours on Saturday night

    Safaricom to carry out system maintenance for 5 hours on Saturday night

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Laptop buying mistakes you should avoid

    Laptop buying mistakes you should avoid

    Lenovo X1 Carbon 5th Generation Review: just good enough

    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Google unveils new Pixel devices with foldable phone and tablet

    Google unveils new Pixel devices with foldable phone and tablet

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

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    Safaricom, NCBA, and KCB restructure Fuliza – all you need to know

    Safaricom slashes prices of 4G Wi-Fi routers by 40%

    How to apply for the new generation number plates in Kenya

    How to apply for the new generation number plates in Kenya

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    How to write prompts for Midjourney, from text to image

    How to use ChatGPT and get the most out of it

    How to use ChatGPT and get the most out of it

    How to make and upload YouTube Shorts with ease

    How to make and upload YouTube Shorts with ease

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    WhatsApp introduces Chat Lock feature to protect private conversations

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Home Startups

Solar Panda secures US$8M in Series A funding

The Netick Newsroom by The Netick Newsroom
July 11, 2022
in Startups
Reading Time: 3 mins read
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Solar Panda secures US$8M in Series A funding
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Solar Panda Corporation, a Canadian company that designs, manufactures, and sells pay-as-you-go (PAYGo) solar home systems in Kenya, has raised US$8 million in Series A funding, jointly led by impact investors Oikocredit and the EU-funded Electrification Financing Initiative (EDFI ElectriFI).

Solar Panda, one of the fastest growing companies in the sector, recently announced that it had reached the milestone of providing electricity to 1 million Kenyans. The company will use this investment to grow its product offerings, expand its footprint within Kenya and set the stage for further expansion in Sub-Saharan Africa.

Solar Panda sells Solar Home Systems that include lights, mobile charging, radios and televisions through its own network of 37 shops and 1000 sales agents across Kenya. Systems are financed for customers to enable affordability and have the ability to improve many facets of the customer’s life, such as eliminating the need for harmful kerosene lanterns, saving families money, supporting education, and enabling greater productivity. Since its inception, Solar Panda has focused on achieving dual goals of making a meaningful social impact and building a profitable, sustainable business. Solar Panda was one of the first companies in this industry to achieve profitability.

“We are excited to partner with leading global impact investors Oikocredit and Electrifi and thankful that this funding will help us accelerate our mission of improving lives”, said Andy Keith, founder and CEO of Solar Panda. “I’m very proud of the growth and success our team has achieved over the past 4 years, and with nearly 1 billion people in the world without access to electricity, we feel we are just getting started. Seeing signs of pandemic recovery and a return to profitability, we will use the strength from our Series A raise to start work on our Series B round, which will be focused on international expansion. We are grateful to have ElectriFI and Oikocredit joining the team and look forward to working with them to take Solar Panda to the next level.”

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Alexander Remy, Equity Officer at Oikocredit, said, “In a short period of time, Solar Panda has demonstrated its capabilities in designing and selling quality solar home systems needed by many households across Kenya. We are happy with the strong local talent they have assembled and are certain they can continue delivering positive results. As an equity investor in a partner like Solar Panda, we will collaborate and continue directing our efforts to make clean energy accessible and improving the quality of life of thousands more households for the communities we serve.”

Lionel Dieu, ElectriFI Senior Investment Officer at EDFI Management Company, said, “We are extremely delighted to become a shareholder of Solar Panda. The company has displayed impressive growth over the last years and demonstrated strong resilience amid COVID. Through this co-investment with Oikocredit, we aim to support the company in its next stage of development and realize its full potential.”

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