Issue #11. Africa’s 50 Most Funded Climate-Tech Startups. Part 1. (1-10)

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As per Net Zero Insights, a market intelligence platform for the net zero economy that provides industry leaders with the most comprehensive database of climate tech startups and SMEs globally, climate tech is an umbrella term for technological solutions built to address the climate tech crisis.  Examples of climate technologies include solutions built to support decarbonization, energy transition, and emissions reduction. 

Climate tech startups are vital in addressing the global climate crisis by developing innovative solutions such as renewable energy technologies, carbon capture systems, and AI-driven tools that reduce greenhouse gas emissions and optimize resource use. 

These startups enable industries to transition to sustainable practices, such as clean energy adoption, eco-friendly transportation, and circular economies, while adapting to climate change impacts like rising sea levels and extreme weather conditions. 

By fostering innovation, they also drive economic growth, creating millions of jobs globally and attracting significant investments despite challenges like funding declines and geopolitical pressures.

The importance of climate tech startups lies in their ability to scale impactful technologies that combat environmental degradation while aligning with ambitious global sustainability goals. 

For instance, Uganda’s climate tech ecosystem is advancing net-zero targets by leveraging AI, green energy solutions, and carbon-neutral initiatives, demonstrating its role in transforming high-risk regions into resilient economies. 

Globally, these startups are addressing diverse challenges such as waste management and ocean conservation while utilizing AI-powered insights for resource optimization and carbon credit quantification. Their contributions are essential for achieving international climate targets like the Paris Agreement.

Moreover, these startups act as catalysts for collaboration between governments, private sector, and communities to accelerate climate action. Public incentives and international cooperation have enabled the growth of over 3,200 climate tech companies worldwide, with hubs in regions like Europe, the USA, and India.  

Despite obstacles like rising costs and limited funding opportunities, their innovative approaches,supported by patents, grants, and creative financing, highlight their potential to redefine industries and ensure a sustainable future. 

With climate change being one of the biggest threats to humanity in the 21st century, investors have poured resources into Africa’s climate-tech startups. Since 2019, African climate-tech startups have raised about $3bn, a figure only battered by Fintechs. 

Using data from Africa: The Big Deal, Deal Room and Digest Africa, we probed all the data to do an analysis of the most funded climate-tech startups in Africa. 

In total, we looked at 380 startups across the continent, and 661 deals to come up with our list. Of the $3bn raised by climate tech startups from 2019-2024, $2.8 billion (93%) went to the 50 most funded that appeared on our list. 

However, the percentage isn't as high when it comes to deal count. Only 190 (29%) of the total 661 deals went to the most funded startups that make our list. In fact, on average, each startup needed just 4 funding rounds to appear on our list. However, startups like d.light, BasiGo and M-Kopa raised at least 8 deals. There are also six startups that made it on our list despite just raising one round. 

A total of 15 countries were represented. We only considered startups that are headquartered in Africa, or have their operations in Africa. And for country allocation, we considered their African headquarters. 

Kenya walked away with 16 startups on our list, followed by Nigeria (6), South Africa (5) while Senegal has 4. Egypt, Ghana and Tanzania have 3, while DRC and Rwanda were represented by two startups. Other countries, Burkina Faso, Malawi, Mali, Sierra Leone, Uganda and Ethiopia managed a solitary startup each. 

For the purposes of analysis, we divided the startups into sub categories that is; solar, E-mobility, Agritech, Clean Energy and Waste Management. 

Whereas Solar, E-mobility and Agritech are straightforward, I would like to throw more light on the rest. For clean energy, we meant startups that provide cleaner cooking means while waste management was broadened to also include water management. 

And as per our analysis, 30 of the 50 (60%) of the startups in the top 50 were solar companies. E-mobility, Agritech and Waste Management are represented by six startups each while clean energy has just two. 

Remember, these findings are estimates. Unless one is a founder of the startup, it is virtually impossible to truly know the right amount raised by any startup. Startups, by nature of being private companies, are not compelled, at least legally, to reveal their funding. But we have relied on information in the public domain to come up with this list. 

Here are Africa’s 50 Most Funded Climate Tech Startups.  Part 1 (1 TO 10)

1.Sun King (GreenLight Planet) 

Country: Kenya

Amount Raised: USD 634M

Funding Rounds: 6

Sector: Solar 

Sun King, formerly known as Greenlight Planet, was founded in 2007 by T. Patrick Walsh, Mayank Sekhsaria and Anish Thakkar. The company focuses on delivering off-grid solar energy solutions to underserved regions in Africa and Asia. 

Sun King’s products include pay-as-you-go solar systems that power lights, mobile phones, and small appliances, with plans to expand into larger setups capable of running refrigerators. 

Operating in over 40 countries, including Kenya, Zambia, Uganda, Tanzania, and Nigeria, Sun King has impacted 82 million people globally by providing affordable and sustainable energy alternatives to kerosene lanterns. 

The company has raised over $634 million in funding across six rounds, including a $330 million Series D round led by BeyondNetZero (General Atlantic), M&G Investments’ Catalyst, Arch Emerging Markets Partners, and LeapFrog Investments. This funding supported its geographical expansion and product innovation. 

Sun King accounts for 38% of industry-wide pay-as-you-go solar revenue, highlighting its leadership in the sector. 

2. M-Kopa

Country: Kenya 

Amount Raised: USD 459M

Funding Rounds: 8

Sector: E-mobility 

M-Kopa, founded in 2011 by Nick Hughes, Chad Larson, and Jesse Moore, is a UK-headquartered fintech revolutionizing financial inclusion in Africa. The company provides affordable smartphones and digital financial services through a pay-as-you-go financing model that fits the cash flow of underserved individuals earning daily incomes. It also provides electric motorcycles on credit in a partnership with Roam and Ampersand. 

Operating in Kenya, Uganda, Nigeria, Ghana, and South Africa, M-Kopa has extended over $1.5 billion in credit to more than 5 million customers. Leveraging proprietary AI-driven analytics and rich payments data, it builds credit records for its users, enabling access to loans, insurance, and other services.

Recognized by Time Magazine and the Financial Times for its transformative impact, M-Kopa employs over 3,000 staff and 30,000 sales agents across Africa.

The company has raised $459M to scale its operations and product offerings, including a $250 million in debt and equity funding led by Standard Bank Group and Sumitomo Corporation, alongside IFC, Lightrock, and Blue Haven Initiative in 2023. 

This came on the back of a $75 million growth equity round in March 2022 and a $10 million investment from FinDev Canada in 2018. Earlier investors include Richard Branson and Generation Investment Management. 

The funds have supported M-Kopa’s expansion into new markets like South Africa and its venture into electric mobility solutions such as electric motorcycles. With its innovative approach to financing and distribution, M-Kopa continues to empower millions with access to life-enhancing products and services. 

3. Bboxx

Country: Rwanda

Amount Raised: USD 154M

Funding Rounds: 7 

Sector: Solar 

Bboxx, founded in 2010 by Mansoor Hamayun, Laurent Van Houcke, and Christopher Baker-Brian, is a next-generation utility platform providing clean energy and essential services to off-grid communities across Africa. 

The company designs, manufactures, and distributes plug-and-play solar home systems on a pay-as-you-go basis, enabling underserved households to access electricity affordably. 

Initially launched in Rwanda, Bboxx has expanded to 11 African countries, including Kenya, the Democratic Republic of Congo (DRC), and Togo. Its offerings have grown beyond solar energy to include clean cooking solutions, water pumps, smartphones, and electric vehicles. 

In 2024, Bboxx relocated its global headquarters from London to Kigali to deepen its commitment to Africa and plans to train 1,000 Rwandans while investing $100 million in Rwanda over five years.

Bboxx has raised significant funding to scale its operations. In December 2023, it secured a $100 million investment from Kuwaiti firm EnerTech to expand its impact, aiming to reach 36 million people by 2028. 

Earlier funding milestones include raising $6 million through crowdfunding in 2019, the largest ever for an African solar project, and acquiring PEG Africa in 2022 to strengthen its presence in West Africa.

 The company also partners with Orange Energie to distribute products in Senegal and Mali. With over 4,000 staff and innovative tools like the Bboxx Pulse® operating system, Bboxx continues driving sustainable development across Africa while contributing directly to 11 of the United Nations Sustainable Development Goals.

4. D.light

Country: Kenya

Amount Raised: USD 135M

Funding Amounts: 11 

Sector: Solar 

d.light, founded in 2007 by Ned Tozun and Sam Goldman, is a global leader in off-grid solar energy solutions, aiming to transform the lives of two billion people without reliable electricity access by 2030. 

Inspired by Goldman’s experience with the dangers of kerosene lamps, the company began with solar lanterns and has since expanded to solar home systems, TVs, and other appliances.

 Operating in over 70 markets globally, including key African countries like Kenya, Uganda, Tanzania, and Nigeria, d.light has impacted more than 175 million lives by selling nearly 30 million products. 

Its pay-as-you-go (PAYG) model allows low-income households to afford clean energy solutions through mobile payments, reducing reliance on harmful kerosene and mitigating millions of tons of CO2 emissions annually.

d.light has raised over $718 million through securitized financing since 2020 to scale its operations. Notable deals include a $176 million facility in July 2024 led by African Frontier Capital to expand its PAYG offerings in Kenya, Tanzania, and Uganda, benefiting six million people. 

Earlier, it secured $30 million from TDB Group in August 2023 and $7.4 million from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund in February 2024. 

In May 2024, d.light also received a $3 million grant to provide subsidized solar systems for Ugandan refugees. With these funds, d.light continues to expand its reach across Africa and beyond while driving sustainable energy adoption and improving livelihoods.

5. SPIRO

Country: Kenya 

Amount Raised: USD 113 M

Funding Rounds: 2

Sector: E-Mobility 

Spiro, formerly known as M-Auto Electric, is Africa’s largest electric vehicle (EV) company, spearheading the continent's transition to sustainable transportation. 

Founded in 2014 and headquartered in Nairobi, Kenya, Spiro focuses on manufacturing electric motorbikes, batteries, and charging infrastructure. 

With over 14,000 bikes on the road across six countries; Benin, Togo, Rwanda, Kenya, Uganda, and Nigeria, Spiro has facilitated nearly 10 million battery swaps through its network of 600 automated stations. 

Its innovative energy-as-a-service model retains ownership of motorcycle batteries while bundling energy services for riders. Spiro’s mission includes reducing fossil fuel dependency, improving air quality, and lowering transportation costs for millions of Africans. The company has also signed agreements like the one with Uganda to replace polluting boda-bodas with electric alternatives.

Spiro has raised $113 million in funding to date, including a $50 million debt financing deal with Afreximbank in May 2024 to expand into Cameroon and Morocco. 

Earlier rounds supported its growth into East Africa and scaling operations across its existing markets. The funds are being deployed to enhance infrastructure like battery swap stations and introduce new bike models tailored to local needs. 

Spiro’s impact was recognized globally when it was listed on Time Magazine’s 100 Most Influential Companies of 2024. With ambitious plans to electrify mobility across Africa and strategic partnerships driving adoption, Spiro is setting a green standard for transportation while improving urban mobility and public health across the continent. 

6. Daystar Power

Country: Nigeria 

Amount Raised: USD 90M

Funding Rounds: 7 

Sector: Solar 

Daystar Power, founded in 2017 by Jasper Graf von Hardenberg and Christian Wessels, is a leading provider of hybrid solar power solutions for commercial and industrial businesses in Africa. 

The company offers "Solar-as-a-Service" and "Power-as-a-Service" models, providing clean and reliable energy while reducing clients' power costs.

 Daystar Power operates in seven countries, including Nigeria, Ghana, Côte d'Ivoire, Togo, Senegal, Tanzania, and South Africa, with over 400 installations and an installed solar capacity of 50.4 MWdc/43.7 MWac. 

Its mission is to support African businesses by taking their power needs off their plate, contributing to sustainable growth and reducing pollution.

Daystar Power has raised significant funding to support its expansion. The company secured a total of $90 million in funding before being acquired by Shell in 2022 for an undisclosed amount. Investors included the Danish Development Finance Institution (IFU) and the German development finance institution DEG. As part of Shell, Daystar Power aims to accelerate its mission to deliver carbon emission reductions and power cost savings across Africa. The acquisition marked a strategic move by Shell to enhance its presence in the renewable energy sector in Africa.

7. Zola Electric

Country: Tanzania 

Amount Raised: USD 90M

Funding Rounds: 1 

Sector: Solar 

ZOLA Electric, founded in 2012 by Xavier Helgesen, Erica Mackey, and Joshua Pierce, is a leading provider of solar and storage solutions aimed at solving energy inequality for over 2 billion people globally. 

The company began as Off-Grid Electric in Tanzania, addressing the reliance on costly and harmful energy sources like kerosene and diesel in off-grid communities. 

ZOLA initially focused on powering basic energy needs such as lighting and phone charging but has since evolved into a technology-driven enterprise offering scalable solutions for both off-grid and on-grid settings. 

Today, ZOLA operates in 10 countries across four continents, delivering clean, reliable energy to over 2 million people, schools, clinics, and businesses through its innovative platform, ZOLA Vision.

ZOLA Electric has raised significant funding to support its growth and technological advancements. In September 2021, the company secured $90 million in capital to scale its operations and enter new markets. Earlier funding milestones include investments from Tesla to develop its smart battery system, Infinity, and a joint venture with EDF Energy to expand access in Ivory Coast. 

ZOLA’s funding has enabled it to launch advanced products like ZOLA FLEX, a plug-and-play prepaid solar system, and expand its reach into regions like Rwanda and West Africa. With its mission to eradicate energy inequality, ZOLA continues to innovate and deliver solutions tailored to emerging market needs. 

8. SunCulture 

Country : Kenya 

Amount Raised: USD 78M

Funding Rounds: 7 

Sector: Agritech 

SunCulture, founded in 2012 by Samir Ibrahim and Charles Nichols, is a Kenyan-based agritech company revolutionizing smallholder farming through solar-powered irrigation systems. 

The company was the first in Africa to commercialize solar-powered drip irrigation, offering solutions like the AgroSolar Irrigation Kit, which combines solar panels, water pumps, and batteries to replace expensive fuel-based systems. SunCulture operates in Kenya, Uganda, and Ivory Coast, with distribution agreements in Ethiopia, Zambia, and Togo. 

Its "pay-as-you-grow" model allows farmers to access affordable financing while increasing their productivity and incomes by up to five times. Recognized globally, SunCulture has received awards such as the FT/IFC Transformational Business Award and was named one of Fast Company's Most Innovative Companies in 2021.

SunCulture has raised $78 million to date, including a $27.5 million Series B round in 2023 led by investors like Netflix co-founder Reed Hastings, former Google CEO Eric Schmidt (via the Schmidt Family Foundation), InfraCo Africa Limited, and Acumen Fund. 

Earlier funding rounds included $14 million from Energy Access Ventures (EAV), EDF, and Acumen Capital Partners. The company also leverages carbon credit sales to subsidize system costs. 

With plans to raise $219 million for further expansion and diversification into products like soil testing and insurance, SunCulture is driving agricultural transformation across Africa while addressing food security and climate resilience challenges.

9. Solarise Africa

Country: South Africa 

Amount Raised: USD 56M

Funding Rounds: 7 

Sector: Solar Energy  

Solarise Africa, founded in 2017, is a pan-African energy leasing company specializing in solar PV and renewable energy solutions for commercial and industrial (C&I) clients. 

The company provides tailored financing options, including power purchase agreements (PPAs) and leasing facilities for rooftop and ground-mounted solar projects ranging from 50 kW to 3 MW. 

Solarise Africa’s innovative model allows businesses like schools, hospitals, shopping centers, and hotels to adopt clean energy without the upfront capital investment. With operations in Kenya and South Africa, the company has expanded its portfolio to include energy-saving technologies such as efficient air conditioning systems. 

Solarise Africa recently launched RUBiSOL, a joint venture with RUBiS Energy Kenya, to drive renewable energy adoption across East Africa.

The company has raised over $42.3 million in funding through multiple rounds. Its Series A round in April 2019 secured $1.65 million from ElectriFI and Energy Access Ventures, followed by a Series B investment of $10 million in 2020 led by Proparco and EDFI ElectriFI. 

In December 2022, ElectriFI provided an additional $3 million to support Solarise Africa’s growth in Kenya’s C&I sector. Solarise also secured R160 million from Mergence Investment Managers to scale its operations in South Africa. 

These funds have enabled Solarise Africa to create over 134,000 indirect electricity connections and avoid more than 104,000 tons of CO2 emissions annually, reinforcing its commitment to sustainable development across the continent.

10. PEG Africa 

Country: Ghana

Amount Raised: USD 50M

Funding Rounds: 4 

Sector: Solar  

PEG Africa is a pioneering company in West Africa, founded in 2013 by Hugh Whalan and Nate Heller. It specializes in providing pay-as-you-go (PAYG) solar home systems to households and small businesses in rural and peri-urban areas, primarily in Ghana, Côte d'Ivoire, Senegal, and Mali. 

The company's model combines technical innovation with financial and distribution strategies, allowing customers to pay for solar systems in small increments using mobile money. PEG Africa aims to replace polluting fuels like kerosene with clean energy, enhancing financial inclusion by using solar systems as collateral for future loans.

PEG Africa has secured $50 million across four rounds to support its expansion, including a $7.5 million Series A round and $13.5 million in Series B, with investors including Energy Access Ventures, Blue Haven Initiative, and Acumen. 

In 2019, PEG Africa also raised a $25 million Series C round.  The company was recognized for its innovative finance and social impact, winning awards like the Ashden Award for Innovative Finance. In 2022, PEG Africa was acquired by BBOXX, a leading distributed power company in Africa.

Tomorrow, we will share the second batch of Africa’s Most Funded Startups from 11-20.