Facebook, Shell Foundation, DOEN Foundation, and the United States Agency for International Development USAID have joined forces to launch a new Venture Builder startup in Kenya. The Venture Builder startup aims to scale indigenous-owned off-grid solar enterprises in Africa.
Access to electricity has posed a major challenge to the African continent. The unavailability of energy not only hinders the economic growth of the continent but also that of SMEs. The need to resolve these issues in the African energy sector led to the launch of Venture Builder startup.
Venture Builder is an energytech startup that provides flexible, long-term and early-stage finance including Enterprise Development Services to energy distribution companies wholly owned and managed by African. The startup catalyzes a new generation of businesses that deliver affordable, reliable, and sustainable electricity access across Africa.
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The Managing Director of Venture Builder, Mr. Dan Murphy explained that the facility is saddled with the mandate to expand access to energy for Africa’s underserved population.
The startup will pioneer a new investment model that will patent early-stage capital for its local partners across Africa while providing a specialized suite for technical expertise in the country.
Venture Builder will provide modern, affordable and reliable electricity in Africa by
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- Partnering with indigenous distribution enterprises that cater to rural communities
- Investing in the much-needed patent capital alongside Enterprise Development Services to scale SMEs
- Tracking key metrics associated with business performance and social impact.
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