BBOXX, a plug & play solar systems company has announced its 9th round of investment. The company raised €1 million through TRINE, a crowd-investment platform for off-grid solar energy.
BBOXX wrote; “the crowdfunding initiative is a collaboration between TRINE, a platform for sustainable investments to accelerate energy access, and BBOXX, a next-generation utility deploying off-grid solar systems in the developing world”.
This is the latest round of funding for the company. And, it comes after raising $4 Million less than a month ago in a debt financing round that led by Togo-based Togolaise de Banque.
The crowdfunding campaign that resulted in this amount was launched on 10 February. According to BBOXX, this amount was raised in a “record time of less than a month” for off-grid solar.
"We’ve tripled our funding capacity on the platform – it’s an increase of 300% in a month, which is fantastic. It shows a very large demand for sustainable investments and that TRINE’s product solves a large problem,” commented Sam Manaberi, CEO and co-founder of TRINE.
Also read: Kenya’s M-KOPA raises additional $10 Million in funding
This round was the very “first of six crowdfunding rounds” the company is looking to hold targeting a €6 million investment. If successful, it is poised to be the largest crowd-sourced capital raise in this history of off-grid solar energy.
The official communication says that “the loan will be disbursed at the beginning of April and enable BBOXX to scale up its operations in Kenya.”
“We will be using the €1 million raised to expand our operations in Kenya to deliver the on-grid experience to a further 10,000 households,” said Mansoor Hamayun, CEO and co-founder of BBOXX.
Founded in 2010, UK-based BBOXX has raised $70 Million in Venture and Debt financing as well as crowdfunding since November 2013.
In Africa, the company has a direct presence in Kenya and the Democratic Republic of Congo. Plus partnerships in other markets like Ethiopia, Zambia, Tanzania, Nigeria, Burkina Faso, Sierra Leone, Senegal and Mauritania.
Earlier this week, another off greed company, M-KOPA announced that it had raised $10 Million in funding.