Senegalese Solar Energy Startup Secures $8.5 million in Series B Funding Round

Oolu, a Senegalese-based solar energy startup, has raised $8.5 million in Series B equity investment led by independent renewable energy developer RP Global.

Other participating investors included DPI Energy Ventures, Shell-seeded impact investor All On and Persistent Energy Capital.

Oolu was founded in 2015 by Nilmi Senaratna and Daniel Rosa with the aim of being a solar pay-as-you-go distributor that seeks to address the energy needs of the more than 150 million people without access to electricity across Africa.

The startup launched in Senegal but has now extended its footprint to other Francophone markets such as Mali, Burkina Faso, Niger and Cameroon and Anglophone Nigeria.

The company has sold out over 60,000 solar home systems to customers and has over 250 full-time employees with 50% female on its payroll.

Daniel Rosa, co-founder and Chief Executive Officer (CEO) of Oolu, said of the investment;

“The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service. RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelerate our growth.

All On’s unparalleled knowledge of the renewable energy sector in Nigeria will help us to further adapt our business to meet customers’ needs. In addition, we are excited to continue our successful collaboration with current investors, especially Persistent.”

With this new investment, the startup hopes to meet more customer needs and further develop its operations across the West African region