Senegalese-based solar energy startup, Oolu Solar, raises $8.5m Series B
Summary
In addition, we are excited to continue our successful collaboration with current investors especially Persistent.” PEC led the startup’s Series A $3.2m investment it raised in 2017. Founded in 2015 by Nilmi Senaratna and Daniel Rosa, the solar pay-as-you-go distributor seeks to address the energy needs of the more than 150 million people without access to electricity in West Africa. The startup launched from Senegal but now, it has a presence in other Francophone markets — Mali, Burkina Faso, Niger and Cameroon — and Anglophone Nigeria. As the global shift towards clean, renewable energy resources, such as solar power, gains momentum, there is significant potential in developing countries to install renewable energy as the primary source of power, bypassing the need for traditional grid networks and leveraging existing mobile money services. And with this investment, Oolu Solar plans to expand its core product offering and further develop its operations across the West African region.