Nairobi-based PayGo Energy raised $3.5M according to their SEC filing

Nairob-based energy startup, PayGo Energy raised $3.5 million this year per their Securities and Exchange Comission - SEC - filing done in August this year. There are no details regarding the investors and which type of round raised.

Though, this recent round of funding would take PayGo Energy's total idisclosed funding raised todate to at least $4.9 million. That is after a $1.4 million seed round they raised last year from Novastar Ventures, Energy Access Ventures and five other investors.

Previously, PayGo Energy has raised funding in form of grants and other structures. Though the exact amounts from such deals haven't been made public. It raised a convertible note from Village Capital in 2016 and won the D-Prize the same year. Before participating in the SPRING Accelerator last year.

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Founded in 2014 by Fausto Marcigot, Mike Hahn and Nick Quintong, this is the fourth filing PayGo Energy is making with the SEC. The first was a filing for $50,000 in April 2016. This was followed with a filing for $100,000 made in February last year. The same year, in April, they made another filing for $1,055,014.

PayGo Energy is a distribution service that harnesses the power of pay-as-you-go-technology. The startup. According the startup, they are "revolutioniziling the LPG Industry in Africa".

PayGo currently operations in Kenya with a team of over 20. In his 2018 letter, CEO Nick Quintong said that their "pilot operations in Nairobi covers 300 homes and we have logged over 4,000 payments on our platform".

We reached out to PayGo Energy for a comment on the filing yesterday. They are yet to get back to us.

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