Rensource has secured $20 million series A funding. The Nigeria-based energy startup will use the funds to grow its technology offerings and expand across Nigeria and Africa.
The company secured the funding from CRE Venture Capital and the Omidyar network. Inspired Evolution, Proparco, EDPR, I&P, Sin Capital and Yuzura Honda also participated in the funding round.
Rensource was founded in 2016 as a solar energy company that provides efficient renewable energy to enterprises. The company operates across six Nigerian states viz; Lagos, Kano, Ogun, Ondo, Oyo, and Edo. It focuses on building and deploying solar-panels, batteries, and a power management system to areas with little or no electricity.
They have a flexible payment scheme that offers access to electricity without paying an arm or neck. Merchants may choose to pay for Rensource services daily, weekly, or monthly.
According to Ademola Adesina, Founder and CEO, Rensource, decentralizing and making Nigeria’s power infrastructure green is the way to boost its energy.
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“Pursuing this with a focus on the millions of small businesses that drive our economy creates a massive multiplier effect whose benefit accrues to all,” he said.
The startup plans to utilize these funds to expand its offerings beyond energy and offer B2B services. Tagged “Spaces O2O” (Spaces Offline to Online), the new B2B service will provide supply-chain services, business-analytics, and working capital options, to SMEs. This is in a bid to help them scale productivity.
“Our push into O2O is a natural step that leverages our existing infrastructure to further empower the merchants we serve. We aim to bring connect over one-million merchants in the next 5 years,” he added.
Rensource plans to expand into 100 markets within Nigeria, and across African by 2023.
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