Nairobi – April 20, 2017. Paygo Energy, pioneering pay-as-you-go provider of clean cooking fuel for the mass market, raised US $1.43MM in Series Seed debt and equity financing. Their innovative approach allows households to cook on clean burning LPG yet pay ‘kidogo kidogo’ (in small amounts) - creating a new market in safe, fast and affordable cooking. Mark Zuckerberg, upon meeting PayGo in Kenya: “It's inspiring to see how engineers here are using mobile money to build businesses and help their community.”
PayGo Energy’s investors include Novastar Ventures, Energy Access Ventures, Village Capital, Global Innovation Fund, and Global Partnerships/Eleos Social Venture Fund. The investment will finance the expansion of Paygo Energy’s customer base in Nairobi, the development of its software platform and next generation smart meter, as well as the growth of Paygo Energy’s team.
Since launching its first technology pilot in 2016, Paygo Energy has developed a steady customer base in Nairobi that has welcomed the innovation of pay-per-use cooking via mobile money. The company currently has an international team committed to launching Paygo’s hardware and software technology across the region.
Nick Quintong, CEO: “A billion households are forced to cook with dirty fuels everyday, 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 roll-out.”
“EAV is delighted to be part of Paygo's round. We are excited by the tremendous potential the company's technology has to significantly increase uptake of LPG in the home outside of wealthy, urban areas in Sub-Saharan Africa in a way that is highly impactful and commercially promising. In addition, we were most impressed with the Paygo team, who have consistently shown entrepreneurial drive coupled with a passion for making a difference.” - Dr Michael Gera, Managing Partner of EAV
"By making clean cooking fuel affordable and accessible, Paygo Energy is unlocking the potential for millions more people to improve how they meet one of their most everyday basic needs—feeding their families—in a safer, healthier, and more environmentally-friendly way. We're thrilled that Village Capital was an early partner with them, and we're very excited to continue participating in this next phase of their growth." - Victoria Fram, Co-Founder and Managing Director at VilCap Investments, LLC
"At GIF our mission is to find and fund innovations with the potential to improve the lives of millions of the world's poorest people. We're proud to support Paygo Energy in providing a supply of affordable, clean gas to their customers, with the aim of reducing the use of cheap but potentially more dangerous fuels such as charcoal and kerosene, which have been linked to a range of health risks such as burns, respiratory diseases, and cataracts." -- Raymond Guthrie, Senior Partner
“We are delighted to be supporting Paygo Energy as the company prepares for rapid growth,” said Jim Villanueva, SVF Managing Director. “Paygo’s innovative approach to providing affordable clean energy promises to be both scalable and profitable, generating immense social and environmental impact.”