Rensource, a Lagos-based renewable energy startup, has raised $3.5 million in bridge financing to expand its business. This is coming nearly 2 years after a previous seed round of $1.1m in 2016.
This new round is led by Mauritius-based Amaya Capital Partners, with participation from Omidyar Network and Pule Taukobong‘s CRE Venture Capital, which previously led Andela’s $40m Series C round. Interestingly, CRE Venture Capital participated in the original seed round for Rensource.
Founded in 2015 by Ademola Adesina and Jussi Savukoski, Rensource is hinged on a core belief that distributed power generation will be a critical element in solving the power problem in Nigeria.
Damilola Ogunbiyi, CEO of the Rural Electrification Agency agrees. According to her, “Nigerians spend about $14 billion annually on inefficient power generation. Off-grid alternatives like creating mini grid and solar home systems can easily be at $9.2 billion a year, which will save the Nigerian public and citizens $4.2 billion.”