Baobab Insights | CleanTech: 20 Venture-Backed Raises in 2020

CleanTech Africa: 20 Venture-Backed Raises in 2020

CleanTech and renewable energy has the opportunity to deliver significant social and economic benefits across Africa. Large infrastructure projects such as the Geothermal Plants in Kenya’s Great Rift Valley require significant government backing as well as funding from the private sector. But according to a recent OECD report, around 50% of the population of sub-Saharan Africa are without access to electricity.

The role of CleanTech

Centralised energy infrastructure is undoubtedly required to support large-scale economic growth and societal change. But the role and impact delivered by innovative start-ups within the clean tech space is also important.

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Our analysts have tracked $209.515 million USD in VC funding secured by CleanTech companies in 2020.

Innovative distribution models, such as mini-grids and rent-to-own financing models offered by companies like Solarise Africa, and payment services which are built around mobile-money or local agents such as those offered by Malawian CleanTech Yellow, are built to service the needs of both rural and urban off-grid communities.

Investment within this sector is leading to innovation in supporting infrastructure too. UK-based Circle Gas (who acquired Kenya’s Kopa Gas in January 2020) and SparkMeter (which closed a Series A round in August 2020), both employ smart-metering technology to decentralise energy distribution.

These businesses play an important role in the distribution of clean energy, improve local services such as waste collection and recycling, and are also helping to support entrepreneurship across the continent. We hope next year brings as much success!

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This article was first published in October 2020.