Kenyan startup Paygo Energy has raised seed funds to expand clean energy to poor households.
The Nairobi-based company has developed a smart gas meter and a pay-as-you-go service to help poor households switch to cleaner and more efficient liquid petroleum gas for their cooking needs.
Its customers pay as little as 50 cents a day, and would otherwise depend on dirty and expensive sources like charcoal and kerosene.
In this seed funding round, Paygo raised $1.43 million from Novastar Ventures, Energy Access Ventures, Village Capital, Global Innovation Fund, and Global Partnerships/Eleos Social Venture Fund.
The round, a mix of equity and debt, will finance development of Paygo’s software platform and its next-generation smart meter, and be used to expand outside of Nairobi.
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Photo credit: Delia Harrington, Accion