Persistent Energy Capital LLC, a venture capital firm has just raised $8 million through a crowdfunding action. The funds will be reinvested in solar energy providers in Africa.
Persistent Energy Capital LLC has increased its capital. The Zurich-based venture capital firm, which is very active in the African solar energy sector, has just raised 8 million dollars through a Series B fund raising. It is a financial operation that allows investors to obtain a place on the board of directors of the company financed.
The fundraising was raised from “high net worth individuals” and institutional investors, including Dream Project Incubators (DPI), a developer of renewable energy projects and a venture capital investor in clean energy companies in Asia. DPI is securing a seat on the Board of Directors of Persistent Energy Capital LLC.
Financing of off-grid suppliers
“Raising Series B funds, the second in our history, is a validation of our venture capital strategy and our commitment to create companies that mitigate climate change and improve living conditions in emerging markets, while providing our investors with attractive financial returns,” explains Dirk Muench, co-founder of Persistent Energy.
The venture capital firm has built a reputation in Africa for financing solar off-grid suppliers. In March 2019, together with its partner Verod Capital Management, based in Lagos, Nigeria, it invested $10 million in Daystar Power, a provider of solar off-grids in West Africa. “Persistent is now in a position to consolidate its recent achievements and strengthen its team and impact. In the year 2020, we will expand the team and our ability to partner with many companies,” said Philipp Cottier, Chairman of the Board of Directors (PCA) of Persistent Energy.
The investment company is also working with several suppliers of home solar kits, including the British company Bboxx and PEG Africa. The new investment of 8 million euros should enable Persistent Energy to further expand its portfolio in Africa.