Africa’s Climate Venture Builder, Persistent Energy Capital LLC, revealed that its Series C round of funding included USD 10 million in equity.
With the help of Kyuden International Corporation and FSD Africa Investments, the funding was made possible, and it would allow Persistent to expand its climate venture-building business in Africa.
Six new private investors, high-net-worth individuals, and businesspeople, including Kotaro Tamura, joined existing investors like BK Ventures BV and DPI Energy Ventures in the equity round.
Persistent Energy assists start-ups in developing businesses that can “scale sustainably” from the idea stage to the early growth stage as an expert and investor in Africa’s renewable energy sector. It accomplishes this by making investments in both capital and people resources, where members of its team join and collaborate with management teams at portfolio firms.
With the assistance of a staff of 20 specialists, Persistent is still providing services to its investors and 20 partner companies in 17 nations throughout Sub-Saharan Africa.
Persistent will be able to expand its climate venture-building efforts in Africa thanks to the funding secured in this Series C, the third on-balance sheet equity issue in the company’s history.
Tobias Ruckstuhl, Managing Partner of Persistent, comments on the pay increase by saying, “Many more businesses need to be founded and developed in order to achieve the UN Sustainable Development Goals (SDGs) within the next ten years. Kyuden and FSDAi are dedicated to our venture-building approach and entrepreneurial environment. We will be able to accelerate our most cutting-edge venture-building investments by taking advantage of these strong partnerships, which will also help us promote e-mobility, accelerate the transition to clean energy, and identify cutting-edge business models and technological advancements across the continent.
The head of the business division at the Kyuden International Corp.’s Tokyo branch office, “Mike” Masashi Mizoguchi, added, “Persistent delivers thought leadership and distinctive capabilities in the earliest stage climate investments across Sub-Saharan Africa. By fostering the growth of clean energy and transportation, our relationship with Persistent will enable us to realize the “Kyuden Group Carbon Neutral Vision 2050” more quickly.
The business added that it would strengthen its workforce with the help of the new funding.
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