Oolu, a Senegal-based start-up company and PV corporation in Africa, has successfully raised US$3.2 million in equity investments. This Series A fundraising follows its seed round in 2015 and will support the company’s growth and strategy as it looks to expand its customer base in West Africa.
The funding round was led by Persistent Energy Capital (PEC), and was joined by Y Combinator (YC) and other seed investors. Oolu will use the money to further invest in its current operations in Senegal and Mali, as well as expand into a third market in 2018.
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The off-grid market has seen an influx of more than US$360 million in investment across Africa in the past five years — with the sector continuing to grow rapidly due to a drop in component and storage prices.
Dan Rosa, co-founder and chief executive officer of Oolu, said: “This fundraise is an important milestone, and a further boost for us at a very exciting time for the company where we see real and significant opportunities in the West African markets.
“Today’s announcement gives us great confidence that we are on the right track in pursuing our goal of becoming the leading energy and financial services provider in West Africa. We’re delighted to have the support of quality investors like PEC and Y Combinator, and we look forward to working closely with them as we continue to grow the business.”