Angaza, a Pay-As-You-Go technology platform that makes life-changing clean energy products affordable to off-grid consumers, has closed a $10.5 million in Series B financing. The round was led by Emerson Elemental, and included investments from Rethink Impact, Salesforce Ventures, Social Capital, and the Stanford StartX Fund.
Through an innovative B2B business model, Angaza provides Pay-As-You-Go (PAYG) technology solutions to solar device manufacturers and distributors worldwide. This technology makes it possible for off-grid consumers in emerging markets to purchase clean energy devices in small, affordable micropayments over time. Manufacturers utilize Angaza’s proprietary embedded software and hardware to add metering and monitoring capabilities to their solar devices; the devices then remotely activate and deactivate according to payment from the end-user. Distributors leverage Angaza’s comprehensive software platform to seamlessly manage their PAYG operations at scale.
The Angaza software suite consists of the Energy Hub cloud-based web portal and the Activator mobile application, which are designed to address the specific complexities of credit sales in rural emerging markets. Angaza’s technology also accomodates the increasingly sophisticated payment landscape of their target markets, allowing their distribution partners to accept mobile money payments from end-users in addition to traditional cash transactions.
“This funding milestone is a testament to the power of partnerships which can collectively deliver affordable, clean energy to millions,” said Lesley Marincola, Chief Executive Officer at Angaza. “Angaza is excited to leverage this financing to further enhance the technology that enables our manufacturing and distribution partners to quickly and confidently scale their Pay-As-You-Go operations.”
Since Angaza’s commercial launch in early 2016, the company has rapidly expanded to work with distributors in over 30 countries spanning Latin America, India, and Sub-Saharan Africa. To date, their technology has allowed over 2 million people to transition to clean energy sources in their homes and small businesses. Angaza’s manufacturing partners produce PAYG products that range from small hand- held solar lanterns to high-power battery banks with sophisticated accessories like televisions and refrigerators. In addition to solar lighting and charging systems, distributors use Angaza’s platform to offer consumer financing for adjacent product categories like solar water pumps, smartphones, and clean cookstoves, making a broad range of life-changing products affordable to end-users worldwide.
“More than a billion people around the world live in homes without a reliable energy source, stifling human potential and crushing their quality of living. We are proud to help grow Angaza, whose technology is a proven catalyst enabling universally affordable access to sustainable energy for those most in need,” said Andy Karsner, managing partner of Emerson Collective.
The B2B company’s rapid growth speaks to the benefits of specialization in the energy access value chain. Angaza will use this new funding to grow their global team and continue to expand the suite of technology tools and support services they offer their manufacturing and distribution partners. In doing so, they will enable these partners to efficiently scale their services to the 1.2 billion off-grid consumers that still lack access to modern energy services.
About Salesforce Ventures
Salesforce is the fastest growing top five enterprise software company and the #1 CRM provider globally. Salesforce Ventures — the company’s corporate investment group — invests in the next generation of enterprise technology that extends the power of the Salesforce Intelligent Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world’s largest cloud ecosystem and the guidance of Salesforce’s innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce’s expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 250 enterprise cloud startups in 14 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
Angaza is a for-profit social enterprise based in San Francisco, California and Nairobi, Kenya. Through partnerships with manufacturers and distributors, Angaza’s comprehensive hardware and software platform enables off-grid consumers to pay for clean energy devices through affordable incremental payments. Additional information about Angaza is available at www.angaza.com