Zimbabwe’s Zonful Energy – an off-grid solar startup – has secured a strategic investment from Persistent Energy Capital. The secured funding will go towards scaling up the startup’s operations while also building out its technology.
Zonful Energy was launched in 2014 by William Ponela and has so far sold more than 5,000 home solar systems in Zimbabwe. The company is now targeting to reach at least 25,000 customers by the end of this year.
With the backing of Persistent, a VC best known for investing in and building impact ventures from the underserved markets, Zonful has been able to unlock a matching AECF grant and has already embarked on a major expansion.
From this partnership, Zonful will, on top of financial support, also have access to Persistent’s technical and advisory support in financial management, finance, and IT. The startup will leverage on Persistent’s partner company – Catalyst – to build on IT infrastructure that will fast-track Zonful growth.
“Persistent has already proven to be a great partner to us. They moved quickly and methodically to bring fresh capital and immediately were on the ground in Zimbabwe helping us build our business. We are excited about continuing to grow with their collaboration,” said Ponela, the founder of Zonful.
Rodrigo Weiss, a partner at Persistent said the company was very excited to support Zonful. Together they plan to create a leading off-grid energy business unrivalled across Zimbabwe.
“We are impressed with their hard work and achievements. We believe Zimbabwe is on the verge of tremendous growth. Persistent is pleased to be able to jump in as one of the earliest new investors in Zimbabwe to catalyze one of the most promising companies we have seen,” said Weiss.
