Angaza, a Nairobi-based technology provider enabling consumer access to essential products in emerging markets such as solar products, has closed $13.5 million in Series B financing to scale its customer service and commercial business teams in Kenya.
The round was led by East African energy impact fund KawiSafi Ventures and was joined by Total Carbon Neutrality Ventures (TCNV), the venture capital arm of broad energy company, Total. The round was also joined by existing investors Ajax Strategies, Emerson Collective, Rethink Impact, and Salesforce Ventures.
“The twin crises of climate change and the global pandemic show that now is a more crucial time than ever to make life-changing products accessible to the most vulnerable people,” said Angaza’s Chief Executive Officer, Lesley Marincola. “Increasing the affordability of these products through Angaza’s solution will ensure that essential products that improve quality of life and increase incomes are within reach for nearly 1 billion off-grid consumers. We are so pleased to welcome KawiSafi Ventures and TCNV to scale our growth and impact for families and businesses around the globe.”
Angaza will also use the funds to establish new partnerships with manufacturers in order to grow the company’s portfolio of devices available for sale through its platform and continue to enhance its core product offering.
Angaza provides business-critical software for companies in emerging markets that sell life-changing products and services to low-income consumers. With a complete solution, including integrated cloud-based software, mobile app, and IoT device integrations, Angaza helps businesses digitize the complex operations and sales processes unique to last-mile distribution.
Angaza has over 200 distributors in over 50 countries spanning Sub-Saharan Africa, Latin America, the Middle East, and Asia-Pacific. The firm also claims to have helped avert 1.5 billion kilograms of CO2 emissions by allowing families to switch from harmful kerosene to clean and renewable solar energy. Angaza has processed over 100 million mobile money payments from consumers. It also supports over 55,000 jobs within the last-mile distribution industry.
“We are delighted to join Angaza during this next stage of growth and look forward to supporting the company as they proceed in bringing radical affordability to the off-grid sector and beyond. KawiSafi is excited to partner with the Angaza team as they continue to build a best-in-class solution for distributors and end-consumers alike,” said Amar Inamdar, Managing Director of KawiSafi Ventures.
As part of its investment, KawiSafi has appointed Chad Larson, the CEO of Nairobi-based fintech company Kopo Kopo, to Angaza’s board of directors. Chad is a founder of M-KOPA Solar and a globally-recognized leader in off-grid finance. He brings significant emerging-markets operational and finance experience to the Angaza board on KawiSafi’s behalf.