Angaza, a Pay-As-You-Go software company, with offices in San Francisco and Nairobi, has closed $13.5 million in Series B financing. The round was led by East African energy impact fund KawiSafi Ventures and was joined by Total Carbon Neutrality Ventures (TCNV), the venture capital arm of broad energy company, Total.
In 2017, the company raised $10.5 million in a round led Laurene Powell Jobs’ Emerson Collective, joined by Rethink Impact, Salesforce Ventures, Social Capital, and the Stanford StartX Fund.
Coupled with Series A funding of $4 million in 2015 and $10.5 million in 2017, this now brings total funds raised to $39.5 million
Angaza provides business-critical software for companies in emerging markets that sell life-changing products and services to low-income consumers. With a complete solution, including integrated cloud-based software, mobile app, and IoT device integrations, Angaza helps businesses digitize the complex operations and sales processes unique to last-mile distribution.
Using Angaza software, distribution businesses are able to leverage sophisticated data and analytics that enable them to extend smart consumer financing plans to unbanked consumers in rural regions.
The company recently achieved a significant milestone by positively impacting the lives of over 12 million people around the globe since its launch in 2013. Today, over 200 distributors in over 50 countries spanning Sub-Saharan Africa, Latin America, the Middle East, and Asia-Pacific rely on Angaza’s technology.
“The twin crises of climate change and the global pandemic show that now is a more crucial time than ever to make life-changing products accessible to the most vulnerable people,” said Angaza’s Chief Executive Officer, Lesley Marincola. “Increasing the affordability of these products through Angaza’s solution will ensure that essential products that improve quality of life and increase incomes are within reach for nearly 1 billion off-grid consumers. We are so pleased to welcome KawiSafi Ventures and TCNV to scale our growth and impact for families and businesses around the globe.”
Angaza intends to use the new investment to support efforts to scale Angaza’s customer service and commercial business teams, primarily located in Nairobi, Kenya. The company will also seek to establish new partnerships with manufacturers in order to grow the company’s portfolio of devices available for sale through its platform and continue to enhance its core product offering.
“We are delighted to join Angaza during this next stage of growth and look forward to supporting the company as they proceed in bringing radical affordability to the off-grid sector and beyond. KawiSafi is excited to partner with the Angaza team as they continue to build a best-in-class solution for distributors and end-consumers alike,” said Amar Inamdar, Managing Director of KawiSafi Ventures.
As part of its investment, KawiSafi has appointed Chad Larson, the CEO of Nairobi-based fintech company Kopo Kopo, to Angaza’s board of directors. Chad is a founder of M-KOPA Solar and a globally-recognized leader in off-grid finance. He brings significant emerging-markets operational and finance experience to the Angaza board on KawiSafi’s behalf.
