SunCulture – Funding history
Shittu Gbolahan Fuad, 27th July 2026 Company name: SunCulture Year founded: 2012 Founders: Samir Ibrahim, Charles Nichols Operational in: Kenya, Uganda, Ethiopia, Zambia, Côte d’Ivoire, Togo Total raised since founding year: USD 80 million+ Funding breakdown Year Stage / financing type (if available) Investors / financiers (if available) Amount raised & notes* 2015 Grant GSMA 100,000 pounds *Funding supported designing an affordable solar pump, RainMaker 1. 2016 Grant Shell Foundation 300,000 pounds *Funding supported piloting the PAYGrow (pay-as-you-grow) model. 2018 Convertible note EDF Not disclosed *Funding supported expanding the PAYGrow business line. 2018 Grant Shell Foundation 800,000 pounds *Funding supported developing a more affordable solar pump, RainMaker 2. *Also supported improved operational capacity and the development of IT systems. 2020 Series A Energy Access Ventures, EDF, Alphamundi Group, Lion’s Head Global Partners, Acumen Capital Partners, DPI, SunFunder, Triodos Investment Management, Nordic Development Fund. US$25 million (US$14 million – equity, US$11 million – debt) *Funding supported the manufacture and deployment of more than 10,000 solar pumps. *Also supported expansion into Tanzania, Uganda, Ethiopia. 2021 Grant Shell Foundation and UK’s TEA program 500,000 pounds *Funding supported testing the effectiveness of carbon credits towards reducing solar pump costs. 2021 Debt facility British International Investment US$2 million *Funding supported scaling the carbon credits initiative. 2023 Debt financing Nithio, Mirova SunFunder, Triodos Investment Management US$12 million *Funding supported the deployment of solar pumps to 9,000 smallholder farmers. April 2024 Series B Reed Hastings, InfraCo Africa, Acumen Fund, Schmidt Family Foundation, EDF Group, Equator, Savant Group US$27.5 million *Funding supported expansion of product offerings and entry into new markets. *InfraCo Africa invested US$12 million. February 2025 Equity British International Investment US$4 million September 2025 Equity WaterEquity (whose investors Microsoft, Starbucks, Gap Inc) US$5 million *Funding is to support more sales in Uganda, Ivory Coast, Ethiopia, Zambia, Togo.
Spiro – Funding history
Kawu Musa Idris-Idah, 15th July 2026 Company name: Spiro (formerly M AUTO Electric Mobility) Year founded: M AUTO Electric Mobility was founded in 2014 and rebranded as Spiro in 2022 following a major investment by Africa Transformation and Industrialization Fund (now Equitane) Founder: Mansoor AliKhan Abdul Buhari founded M AUTO Electric Mobility. Equitane was founded by Gagan Gupta Operational in: Kenya, Uganda, Rwanda, Cameroon, Togo, Benin, Nigeria Total raised since founding year: USD 350 million+. Funding breakdown Year Stage / financing type (if available) Investors / financiers (if available) Amount raised (USD) & notes* 2022 Equity Africa Transformation and Industrialization Fund (ATIF, now Equitane) 20 million 2023 Debt GuarantCo, British International Investment (BII), Société Générale 63 million 2025 Growth financing Fund for Export Development in Africa (FEDA, an Afreximbank impact fund) 100 million 2026 Debt + Equity Afreximbank, Nithio, Africa Go Green Fund, Impact Fund Denmark, Equitane, NewTrails 215 million * Includes USD 50 million debt financing secured in 2024 from Afreximbank, Nithio and Africa Go Green. ** Includes USD 55 million investment from NewTrails.
Wetility – Funding history
Kawu Musa Idris-Idah, 12th June 2026 Company name: Wetility Year founded: 2019 Founders: Vincent Maposa, Ikenna Oguguo Operational in: South Africa Total raised since founding year: USD 75 million+ Funding breakdown Year Stage / financing type (if available) Investors / financiers (if available) Amount raised (USD) & notes* 2022 Venture Debt MultiChoice (via its accelerator program – MultiChoice Innovation Fund) Undisclosed 2023 Debt + Equity (Series A) Sanlam, Metier Sustainable Capital, Industrial Development Corporation USD 48 million (ZAR 930 million, 2023 terms) 2025 Debt + Equity Jaltech USD 27.8 million (ZAR 500 million, 2025 terms) Funding aimed at deploying additional 16 MW+ of solar installations, avoiding 250,000 metric tons of CO₂ emissions.
Sun King – Funding history
Kawu Musa Idris-Idah, 3rd May 2026 Company name: Sun King (formerly known as Greenlight Planet) Year founded: 2007 Operational in: East Africa – Ethiopia, Somalia, Uganda, Kenya, Burundi, Tanzania, Malawi West and Central Africa – Senegal, Guinea-Bissau, Guinea, Sierra Leone, Liberia, Cote d’Ivoire, Ghana, Togo, Benin, DRC, Cameroon, Nigeria, Burkina Faso Southern Africa – Zambia, Zimbabwe, Mozambique, South Africa, Madagascar South Asia – Pakistan, India Asia-Pacific – Myanmar, Thailand, Malaysia, Philippines, Indonesia, Timor Leste, Micronesia, Papua New Guinea, Solomon Islands, Vanuatu, Fiji, Kiribati Latin America – Peru, Colombia, Honduras Total raised since founding year: USD 700 million+ Funding breakdown Year Stage / financing type (if available) Investors / financiers (if available) Amount raised (USD) & notes* 2007-2011 Seed funding Prabha Sinha USD 4.5 million 2012 Series A Prabha Sinha, Bamboo Capital USD 4 million 2015 Series B Fidelity Growth Partners India, Deutsche Bank, Global Partnerships USD 10 million 2016 Not available OPIC USD 5 million *In 2019, OPIC merged with USAID to form the Development Finance Corporation (DFC). 2020 Not available CDC (now called BII), FMO, Norfund, ResponsAbility, SIMA Funds, Symbiotics, Global Partnerships, ARCH Emerging Markets Partners’ Africa Renewable Power Fund USD 90 million April 2022 Series D BeyondNetZero, M&G, Arch Emerging Markets Partners USD 260 million *USD 100 million from amount, used to expand PAYG solutions and develop solar solutions that can power larger appliances like refrigerators. December 2022 Bond Symbiotics USD 17 million Symbiotics is an investment and market access platform. Proparco invested USD 10 million in a green bond arranged by Symbiotics. December 2022 Series D LeapFrog Investments USD 70 million *USD 38 million from the amount, used to support Sun King’s objective of increasing financing options for consumers. *Series D reportedly enabled the successful exit of all Sun King’s pre-2022 institutional investors. September 2024 Loan Symbiotics USD 6.5 million *Sun King raised this loan through Micro, Small & Medium Enterprises Bonds S.A. The loan will be repaid by September 2028. Loan proceeds are used for purchasing more products and providing customers with more loans. May 2025 Debt facility Stanbic Bank, IFC USD 80 million *Local currency (naira) denominated facility. IFC contributed USD 50 million. July 2025 Securitization ABSA, Citi, KCB Bank, Stanbic Bank Kenya, Co-operative Bank of Kenya, BII, FMO, Norfund, Norwegian Investment Fund USD 156 million *Largest securitization completed in Sub-Saharan Africa. It is denominated in Kenyan shillings and was arranged by Citi. The placement agent was Stanbic Bank Kenya. By 2025, Sun King had provided up to USD 1.3 billion in loans to Africans. December 2025 Equity Lightrock USD 40 million *Funding to be used for increasing product offerings and improving installation and service infrastructure.
PowerGen – Funding history
Company name: PowerGen Year founded: 2011 Operational in: Nigeria, Kenya, Sierra Leone and DRC Total raised since founding year: USD 50 million+ Funding breakdown Year Stage (if available) Investors / financiers (if available) Amount raised (USD) & notes* 2016 Series A DOB Equity, AHL Venture Partners, Marc Beuls, Billy Harbert USD 4.5 million 2019 Series B Shell’s New Energies, Omidyar Network, Acumen, Renewable Energy Performance Platform (REPP), ElectriFI, Sumitomo Corporation, DOB Equity and Microgrid Catalytic Capital Partners (MCCP) *EDI invested USD 2 million. REPP invested USD 2 million. 2021 Project financing Oikocredit, Triodos IM, EDFI ElectriFI USD 9 million 2025 Series C InfraCo Africa, IFU, EDFI ElectriFI, AFDB USD 50 million. *Additional USD 5 million from EDFI.