BBOXX lands $3m investment to “transform” energy in developing countries
Bamboo Finance’s Series B round will help Young Gun-founded company achieve target of providing 20 million people with electricity by 2020
Clean energy specialist BBOXX, founded in 2010 by Laurent Van Houke and Young Guns Christopher Baker-Brian and Mansoor Hamayun, has announced a Series B round of $3m involving private equity firm Bamboo Finance and Dutch eco-fund DOEN Foundation.
Featured in the Startups 100, BBOXX designs, manufactures and distributes solar powered battery packs to markets across Africa and the developing worldwith networks in Kenya, RD Congo, Sierra Leone, Uganda, Senegal, Ivory Coast, Sudan, Rwanda, Ethiopia, Indonesia, Comoros, Zambia, Somalia and Pakistan.
Having already helped to supply over 50,000 customers in the developing world with rooftop ‘Solar Home Systems’, the company plans to use this latest funding to achieve its vision of providing 20 million people with electricity by 2020.
BBOXX co-founder Hamayun commented: “We are excited to add Bamboo Finance to our investor base alongside Khosla Impact, Ceniarth and Synergy.
“We know we’ll benefit from Bamboo Finance’s extensive experience with financial inclusion and off-grid energy as we move towards fulfilling our ambition of large-scale electrification.”
The investment comes as Bamboo announces it launch of the Bamboo Energy Fund – Solar for All, in partnership with the DOEN Foundation, to invest in solar energy companies globally with a geographical focus on Africa.
Bamboo Energy fund manager, Christian Schattenmann, said:
“Distributed energy is the best and most cost effective solution for off-grid markets and consumer financing solves a critical missing link in the distributed energy supply chain in off-grid markets. BBOXX removes a critical barrier to reaching low-income communities,”
“BBOXX, with its vertically integrated operations, proprietary monitoring technology and deep understanding of rural markets is uniquely positioned to scale rapidly and profitably.”