Electric cooking startup PowerUP, based in Uganda, has announced the first closure of its seed round, which will allow them to grow into other markets and launch new products.
The Autodesk Foundation and Delta40, a Nairobi-based venture studio and VC fund that supports and invests in inclusive climate ventures, lead the seed funding round.
So far, over forty thousand homes in Ghana, Tanzania, Kenya, and Uganda have benefited from PowerUP’s smart-metered PAYGO electric stoves, which the company designs and distributes specifically for the African market.
“Cooking has been done the same way for centuries—setting fire to an inefficient fuel to heat a pot that holds food. It is time to go beyond fire and use the most efficient fuel. Our electric cooking solutions will save money, save time, and avoid harmful fumes for millions,” said CEO Kato Kibuka.
Later this year, PowerUP will introduce a new line of electric stoves to cater to the many cooking styles found throughout Africa. The company plans to allocate resources towards utilising data to enhance its comprehension of its clientele and to digitise its carbon credit initiative.
With this fresh round of funding, PowerUP plans to start its shared carbon programme, develop its data platform, and increase its distribution reach.
Read more on Tech Gist Africa:
Emata, a Ugandan agritech startup, has raised $2.4 million in funding
Zofi Cash, a fintech startup in Uganda, has received pre-seed funding of $1 million
Numida, a Ugandan fintech startup, has raised $12.3 million in a pre-Series A round of funding
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