BBOXX pursues ambitious growth with successful $20M fund raising
AA – BBOXX, a leading global off-grid solar company, successfully closed a $20 million Series C investment. The company has pioneered a distributed energy platform, comprising data-driven technology and a unique solar home system design to deliver off-grid energy on a utility scale. Since 2010, BBOXX has provided off-grid electricity to more than 350,000 people in 35 countries around the world. This latest round of investment is supported by co-investors MacKinnon, Bennett & Company (MKB), ENGIE Rassembleurs d’Energies and KawiSafi Ventures, as well as existing investors Khosla Impact Fund, Bamboo Finance and DOEN Foundation.
The investment will support an expanded presence in the company’s existing markets, Kenya and Rwanda, where BBOXX owns and operates retail distribution networks and after sales service centres to guarantee an excellent customer service experience for all users. The investment will also accelerate the provision of licensed BBOXX products and services in other markets, including the creation of three franchises in the West African countries of Cameroon, Ivory Coast and Nigeria.
“We are excited about the growth potential for the African off-grid solar market and delighted with BBOXX’s rapid development” said Laure Vincotte, Managing Director of ENGIE Rassembleurs d’Energies. “We feel that BBOXX’s technology is fully in line with ENGIE Rassembleurs d’Energies’ objectives of promoting sustainable and scalable energy solutions for all”.
BBOXX is currently building its operational headquarters in Kigali, Rwanda where the company has experienced swift growth. By the end of this year it expects to be electrifying as many households as the Rwandan national grid. With the country’s ambitious goal of electrifying over 20% of the population with off-grid solar systems, BBOXX is well positioned to serve this quickly growing market.
“BBOXX is building the next generation of energy services – connected, distributed, renewable and focused on customer service. We see a strong opportunity for BBOXX’s licensed products and services to act as a foundation for a rapidly growing new sector in the global utility market” said Patrick Bennett, VP at MKB.
In addition, BBOXX is supported by KawiSafi Ventures, a $100 million private equity fund focused on the off-grid energy sector in East Africa. BBOXX will be the fund’s first investment.
“We have built an innovative, data-powered technology platform for the next generation of distributed utility companies,” said CEO Mansoor Hamayun. “We are thrilled to have ENGIE Rassembleurs d’Energies, KawiSafi Ventures and MKB as our lead investors – it will bring credibility to our industry and much needed scale. We are already deploying systems at the fastest rate in East Africa, at 10kWp of solar per day, and I am excited that we will continue to grow quickly over the next few years.
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