Solar home systems provider Qotto has raised $8 million for its expansion in West Africa. This was part of a fundraising round arranged by IBL Together, a financial conglomerate based in Port Louis, Mauritius.
As part of its expansion in West Africa, Qotto has just completed a Series A round of financing with several investors. The Neuilly-sur-Seine, France-based company raised $8 million in a deal arranged by IBL Together, a financial conglomerate based in Port Louis, Mauritius.
Several other investors participated in this round. This is the case of the African Development Bank’s (AfDB) Off-Grid Energy Access Fund (OGEF), which has already provided $2 million in financing to Qotto in 2021. The development aid organisation Cordaid participated in the fundraising, along with other existing Qotto investors. The company plans to use the funding raised to finance its expansion into Burkina Faso and Benin, and to enter the Ivorian market where only 32% of the rural population has access to electricity, according to Power Africa.
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“For Ivory Coast, due to its steady pace of development compared to the wider West African region, and after testing and optimising operations and services in Benin and Burkina Faso, Qotto is well prepared for a market entry,” explains Jean-Baptiste Lenoir, co-founder and president of Qotto.
The company founded in 2016 installs systems consisting of solar panels and other related equipment, as well as LED bulbs and ports for powering devices such as a radio or mobile phone. In addition to the EIF-OGEF, Qotto is supported by Bpifrance, a French public investment bank with a mission to finance and develop businesses.
Jean Marie Takouleu
