While the African Tech Sector is rapidly expanding, businesses like Persistent Energy can boast of raising a Series C level of funding. The decade-old Kenyan company Persistent, a climate venture builder, proudly announced on July 12 that they had successfully raised $10 million. The main investors are two well-known companies: Kyuden and Financial Sector Deepening Africa Investments Ltd.
What better feeling to celebrate our 10-year anniversary than with the excitement of having raised $10 million in our #SeriesC Equity Round, led by @Kyuden_official International Corporation and @FSDAfrica Investments.https://t.co/rLOU7FZ0g4#renewableenergy pic.twitter.com/1Xbkyepz3K
— Persistent (@PersistentEnrg) July 12, 2022
Kyuden International Corporation of Kyuden Group in Japan, is an independent power producing (IPP) business that also provides energy solutions and consulting services. According to Renewables Now, Kyuden’s mission to focus on empowering the Southeast Asian renewable energy industry was evidenced by their most recent partnership with Shizen Energy Inc.
For years, Financial Sector Deepening Africa Investments Ltd. (“FSDAi”) has put in place programs encompassing providing equity, returnable grants, and loans. FSDAi has four committed investments in companies including Sofala Capital, MFS Africa, People’s Pension, and Ghana ALCB Fund. Its main goal has always been to promote financially driven and innovative businesses through funding.
In addition to the significant investments made by Kyuden and FSDAi, this announcement would not have been possible without the contributions made by six private investors, entrepreneurs, and a seed investor. In view of acknowledgments, Persistent didn’t fail to mention their current investors who have also played a major role in the ongoing success of their business.
Persistent, a company with a focus on renewable energy, has spent ten years assisting entrepreneurial businesses with lucrative business models in solar generating, ecosystem development, and e-mobility. Some of their portfolio companies include Solar Taxi, an e-mobility start-up based in Accra, SolarWorks! In South Africa and, Hohm Energy, a solar e-marketplace platform.
We are especially grateful to our existing shareholders BK Ventures BV and DPI Energy Ventures Pte. Ltd. for their strong support and renewed investment in the Series C, and we are delighted to welcome six new private investors, high net worth angel investors and entrepreneurs from Asia and USA, including Mr. Kotaro Tamura, seed investor and adjunct professor at the LKY School of Public Policy at the National University of Singapore.
Kyuden and FSDAi’s substantial contributions can’t overshadow the new financiers, notably from Asia and the USA, among which are six private investors, entrepreneurs, and a seed investor. Persistent Energy didn’t fail to appreciate its current investors who have contributed significantly to the continuous growth of their business.
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