UAE-headquartered solar power startup, Pawame has roped in USD 2.5 million funding and is also planning to introduce a USD 5 million Series A funding round as the company seeks to expand in Africa. Notably, Pawame uses a pay-as-you-go business model and aims at ensuring that solar is affordable.
The company received grants worth USD 1.7 million, plus USD 750,000 in terms of equity, along with USD 250,000 from Launch Africa VC.
According to Alexandre Allegue, the Co-Founder and Chairman of Pawame, the company has met exceptional results in the year 2020, including gaining bottom-line profitability and positive cash flow. It has achieved the same owing to its sustainable value proposition, along with cost-effective execution and an exceptional team of members.
Seemingly, Pawame extends a portfolio of advanced solar technology in remote regions of Kenya on a micro-financed basis with the help of mobile repayment solution, making it cost-effective to access clean, and safe energy.
The business model uses energy as a bridge to help families develop a credit history and then achieve access to other life-altering products through Pawame, which they would not be able to afford otherwise.
For the record, grants and funds have been received from world over, including Kenya and Netherlands. With a workforce of more than 80 people and nearly 200 contract agents and technicians, Pawame aims at offering electricity to over one million people based in the sub-Sahara African region that may not have access to grid power by 2025.
Citing reports, the start-up is also aiming at expanding its product range to other important life-improving products, including appliances like solar water pumps, water tanks, and solar refrigerators that will empower many rural families to start their business and allow farmers to increase shelf life of crops.
Apparently, Pawame is focusing on regional expansion beyond Kenya, along with series A funding which will help accelerate its growth. The firm’s current list of investors are mainly GCC based, with its largest stakeholders being senior officials from Launch Africa VC and some of the largest energy utility firms across Middle East.