The UK-based BBOXX has announced its successful Series C funding round to the tune of up to $20 million from a number of investors. The funding will be invested towards scaling BBOXX offerings’ reach across the continent of Africa.
BBOXX founded and headquartered in London, UK. It manufactures, distributes, and finances innovative solar solutions that give people living off-grid access to reliable green energy. The company is now targeting the large number of households across Africa who are living off the grid. The company began operations in 2010, and to date. It can boast of having supplied over 350,000 people across 35 countries from around the world with power.
The funds from its Series C funding round will help BBOXX expands into markets it has already launched like Kenya and Rwanda. The fund will also assist the company hasten the process of providing license products and services to other markets it is yet to get into. Particularly markets in West Africa like Nigeria, Cote d’Ivoire, and Cameroon.
The Series C funding was possible through BBOXX’s co-investors MacKinnon, ENGIE Rassembleurs d’Energies, Bennet & Company (MKB), and KawiSafi Ventures.
“We are excited about the growth potential for the African off-grid solar market and delighted with BBOXX’s rapid development,” said Laure Vincotte, MD of ENGIE Rassembleurs d’Energies.
“We feel that BBOXX’s technology is fully in line with ENGIE Rassembleurs d’Energies’ objectives of promoting sustainable and scalable energy solutions for all.”
BBOXX is currently working on setting up operations headquarters in Kigali, Rwanda; a decision that was reached following impressive record sales in Rwanda. BBOXX has an ambitious plan to electrify just about as many homes as the Rwanda national grid does by the end of this year.
Patrick Bennett, VP at MKB said, “BBOXX is building the next generation of energy services – connected, distributed, renewable and focused on customer service. We see a strong opportunity for BBOXX’s licensed products and services to act as a foundation for a rapidly growing new sector in the global utility market.”