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Nigeria’s renewable startup, Rensource, has announced a whopping $20 million in Series A equity round – the largest ever for a Nigerian renewable energy startup.
Speaking on the development, in a press statement, Founder and CEO, Rensource, Ademola Adesina, said, “This will ultimately help SMEs and microSMEs, working in the regions they have a presence, access services that accelerate their productivity growth.
“Why it matters: The firm is bridging Nigeria’s power deficit through the delivery of renewable based decentralized energy, focusing primarily on SMEs. The company is active in marketplaces that serve over 30,000 SMEs and it is expected to expand into 100 markets in the country over the next three years.
“With the financing secured, Rensource is now expanding its offering beyond energy and entering Nigeria’s nascent offline to online (O2O) space, by offering technology enabled value added services to SMEs in the marketplaces it covers. With the launch of this new B2B platform, “Spaces O2O”, merchants will be able to access services that accelerate their productivity growth.”
“We believe that simultaneously greening and decentralizing power infrastructure is the only way to navigate Nigeria out of its current state of energy poverty.
“Pursuing this with a focus on the millions of small businesses that drive our economy creates a massive multiplier effect whose benefit accrues to all. We aim to bring connect over one-million merchants in the next 5 years.
“As Rensource has grown a leading foothold in the Nigerian market, it has identified gaps in the distribution value chain regarding lack of access to credit, expensive transportation and warehousing, inaccurate data and limited product availability, underpinned by a highly fragmented and multi-layered value chain.”
Having begun operations in 2016, Rensource is a leading renewable energy and merchant services company revolutionizing energy provision in Africa by building and operating clean energy based micro utilities for SME clusters in the country.
