Kenyan Startup PayGo Energy which aims to promote a sustainable and green environment through clean cooking fuel has raised a US$1.43m fund for its expansion as well as to build next-generation smart meters.
PayGo Energy which allows Kenyan homes to cook with clean burning Liquefied Petroleum Gas (LPG) and use pay-as-you-go technology to allow customers pay for LPG via mobile money raised the funding from companies like Global Innovation Fund, Novastar Ventures, Energy Access Ventures, Village Capital, and Global Partnerships/Eleos Social Venture Fund.
The investment will bankroll the expansion startup’s customer base in Nairobi, the development of its software platform and next generation smart meter.
Commenting on the funding, PayGo Energy chief executive officer (CEO) Nick Quintong said: “A billion households are forced to cook with dirty fuels every day, which is not only a serious development challenge but also a significant market opportunity. This financing will allow us to invest deeply in our technology, build a service that our customers love and prepare for commercial rollout.”