Kenyan Startup PayGo Energy which aims to promote a sustainable and green environment through clean cooking fuel has raised a US$1.43m fund for its expansion as well as toÂ build next-generation smart meters.
PayGo EnergyÂ which allows Kenyan homes to cook with clean burning Liquefied Petroleum Gas (LPG) and use pay-as-you-go technology to allow customers pay for LPG via mobile money raised the funding from companies like Global Innovation Fund, Novastar Ventures, Energy Access Ventures, Village Capital, and Global Partnerships/Eleos Social Venture Fund.
The investment will bankroll the expansion startupâ€™s customer base in Nairobi, the development of its software platform and next generation smart meter.
Commenting on the funding, PayGo Energy chief executive officer (CEO) Nick Quintong said: â€œA billion households are forced to cook with dirty fuels every day, 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 rollout.â€�
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