Pawame, young Kenyan off-grid solar energy startup, has raised $543,000 in debt finance via Sweden-based crowdfunding company TRINE. This sum is in addition to the successful series A funding of $2 million, raised in March of this yer from Gulf-based investors.
The company, founded in 2016, has its headquarters in the UAE and with operations in Kenya. It is an off-grid home solar company aiming to electrify the 150 million households (70% of the population) in sub-Saharan Africa that don’t have access to grid power. The startup’s main purpose is to provide energy access as a gateway to enhancing the quality of life of off-grid communities in Sub-Saharan Africa (150 million households).
“We have been fortunate to date to attract supportive, visionary equity investors and now for the first time, we have successfully crowdfunded a significant amount of debt finance through Trine, which bodes well for the future,” said Maurice Parets, CEO of Pawame.
Pawame has to this date connected north of 4,000 homes to solar power in Kenya. This initial success played a major role in enabling them to secure the debt funding. This crowdfunded funds will accelerate the companies growth through the acquisition of equipment and inventory.
The startup’s chairman and co-founder Alexandre Allegue hails debt crowdfunding as quote, “A great way to access financial support and resources outside traditional lending form with like-minded investors aligned to our vision.”