Reed Hastings, co-founder of Netflix, and Eric Schmidt, former Google CEO, have participated in a funding round for SunCulture, an African solar irrigation start-up based in Nairobi.
The funding round, totaling US$27 million, also included investors such as InfraCo Africa and Acumen Fund.
Netflix Co-founder and Former Google CEO Invest in African Solar Irrigation Startup
SunCulture provides small-scale farmers with solar-powered water pumps, subsidized by the sale of carbon credits, to replace diesel-powered pumps and increase yields in previously non-irrigated fields.
Operating in Kenya, Uganda, and Ivory Coast, with distribution agreements in Ethiopia, Zambia, and Togo, SunCulture aims to address the limited access to irrigation among the 700 million Africans living on smallholder farms.
The company has sold 47,000 units, utilizing solar panels mounted on small structures and batteries to power the pumps, consuming as little as 310W of power. By making irrigation more affordable and efficient, SunCulture helps farmers increase their yields by up to five times.
SunCulture Plans to Expand its Operations
With the series-B funding round totaling $65 million, SunCulture plans to expand its operations across Africa, aiming to install 274,000 systems in Kenya alone. The company is exploring partnerships to offer additional farming services such as soil tests and insurance.
Earlier investors in SunCulture include EDF International, DPI Energy Ventures, Equator Africa Fund, and Energy Access Ventures Fund. The series-B round was advised by London-based EKTA Partners.
ALSO CHECK:
- Amazon to Stop Paying Developers for Making Alexa Skills
- Cameroonian Authorities Concerned About the Effect of Starlink in the Region
- Orange Digital Partners with Coursera to Offer Free Certification Training Program
- MTN Retains Position as South Africa’s Most Valuable Brand Despite Market…
- Nordex Expand It’s Wind Energy Capacity by 830MW in SA
