Pay-As-You-Go Solar platform Angaza raises $10.5 million in Series B
Angaza, a Pay-As-You-Go solar tech platform and clean energy products manufacturer targeting off-grid consumers, has closed a $10.5 million in Series B financing led by Emerson Elemental and included investments from Rethink Impact, Salesforce Ventures, Social Capital, and the Stanford StartX Fund.
The firm says it will use the funds to grow its global team and continue to expand the suite of technology tools and support services they offer their manufacturing and distribution partners. In doing so, they will enable these partners to efficiently scale their services to the 1.2 billion off-grid consumers that still lack access to modern energy services.
“This funding milestone is a testament to the power of partnerships which can collectively deliver affordable, clean energy to millions,” said Lesley Marincola, Chief Executive Officer at Angaza. “Angaza is excited to leverage this financing to further enhance the technology that enables our manufacturing and distribution partners to quickly and confidently scale their Pay-As-You-Go operations.”
Launched in early 2016, the B2B firm provides Pay-As-You-Go (PAYG) technology solutions to solar device manufacturers and distributors worldwide and has rapidly expanded to work with distributors in over 30 countries spanning Latin America, India, and Sub-Saharan Africa and to date allows over 2 million people to transition to clean energy sources in their homes and small businesses.
Angaza has now raised a Series B round of $10.5M to scale its innovative solution. Laurene Powell Jobs’ Emerson Collective led the ground and was joined by Rethink Impact, Salesforce Ventures, Social Capital, and the Stanford StartX Fund. It previously raised a Series A funding of $4 million. The new round means an Angaza has raised $16m to date.
By allowing off-grid consumers in emerging markets to purchase clean energy devices in small, affordable micropayments over time, manufacturers utilize Angaza’s proprietary embedded software and hardware to add metering and monitoring capabilities to their solar devices; the devices then remotely activate and deactivate according to payment from the end-user.
Distributors leverage Angaza’s comprehensive software platform to seamlessly manage their PAYG operations at scale. The Angaza software suite consists of the Energy Hub cloud-based web portal and the Activator mobile application, which are designed to address the specific complexities of credit sales in rural emerging markets. Angaza allows its distribution partners to accept mobile money payments from end-users in addition to traditional cash transactions.
Angaza’s manufacturing partners produce PAYG products such as solar water pumps, smartphones, and clean cookstoves, making a broad range of life-changing products affordable to end-users worldwide for individuals, SMEs and corporate clients.
