Seven scaleups hog over 70% funding to Africa’s Solar PayGo ventures

Over the last 10 years startups in Africa’s off-grid solar sector have attracted over $2.3 billion funding. However, the largest share of the financing has gone to just seven pay-as-you-go (PayGo) Africa-based scaleups, leaving hundreds others in the early-stage struggling to fundraise, according to the biennial Gogla-World Bank report.
The seven most funded solar startups are Sun King, Zola Electric, M-Kopa, Bboxx, d.light, Engie Energy Access, and Lumos which, according to the Gogla Investment database, have attracted 72% of the sector’s equity, debt and grant financing while over 150 startu

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