Qotto, a company that sells solar kits and has operations in Burkina Faso and Benin, has secured $8 million in a Series A equity-debt round.
In addition to the Off-Grid Energy Access Fund (FEI-OGEF), Cordaid, and Qotto’s current investors, the IBL group led the round.
Qotto was established in 2016 and creates and provides standalone solar kits and lamps to people living in the least electrified areas of Africa.
“Qotto is well prepared for a market entry in the Ivory Coast due to its consistent rate of development in comparison to the rest of West Africa and after testing and improving operations and services in Benin and Burkina Faso. Also, customers who have had the opportunity to test Qotto products in the nation have voiced a need for and a desire for Qotto to enter the Ivory Coast market, according to Jean-Baptiste Lenoir, co-founder and president of Qotto.
According to Qotto, its revenue has increased by 50% year over year. As of the end of last year, it had 11,000 active customers, a number it expects to more than double by the end of this year if its growth plans come to fruition.
With the investment, Qotto intends to grow in its current markets and enter the Ivory Coast, where it will start doing business by the end of this month.
Read more on Tech Gist Africa:
Norebase, a Nigerian trade-tech startup, has received $1 million in pre-seed funding
Gozem, a Francophone African super app, has received a $5 million Series A funding round