Kenya’s Solar Panda Secures $8m Series A Funding to Expand its Product Offering

Pay-as-you-go (PAYGo) solar household systems are designed, produced, and sold by the Kenyan and Canadian business Solar Panda, which has secured US$8 million in Series A funding.

The investment will be used to enhance the company’s product offerings, increase its presence in Kenya, and pave the way for future growth in Sub-Saharan Africa. The funding round was jointly led by impact investors Oikocredit and the EU-funded Electrification Financing Initiative (EDFI ElectriFI).

Andy Keith, the founder and CEO of Solar Panda, said, “We are thrilled to collaborate with top international impact investors Oikocredit and Electrifi and happy that this money will enable us accelerate our aim of changing lives.

“I’m incredibly happy of the expansion and success our team has had over the last four years, and we feel like we’re only getting started because there are still roughly 1 billion people in the globe without access to power. We will take the strength from our Series A raise to launch work on our Series B round, which will be centered on global expansion, as we observe signs of pandemic recovery and a return to profitability. We appreciate ElectriFI and Oikocredit joining the team and are eager to collaborate with them to advance Solar Panda.

Through its own network of 37 stores and 1,000 sales representatives throughout Kenya, Solar Panda distributes Solar Home Systems that include lights, mobile charging, radios, and televisions.

Since its inception, Solar Panda has concentrated on achieving two objectives: creating a significant social effect and developing a successful, long-lasting company. One of the first businesses in this sector to turn a profit was Solar Panda. The business recently said that it has attained the landmark of providing electricity to 1 million Kenyans.

“In a short amount of time, Solar Panda has proved its capabilities in creating and selling quality solar home systems needed by many homes across Kenya,” said Alexander Remy, equity officer at Oikocredit. We are pleased with the talented local team they have put together and have no doubts that they will keep getting good results.

Since its inception, Solar Panda has concentrated on achieving two objectives: creating a significant social effect and developing a successful, long-lasting company. One of the first businesses in this sector to turn a profit was Solar Panda. The business recently said that it has attained the landmark of providing electricity to 1 million Kenyans.

“In a short amount of time, Solar Panda has proved its capabilities in creating and selling quality solar home systems needed by many homes across Kenya,” said Alexander Remy, equity officer at Oikocredit. We are pleased with the talented local team they have put together and have no doubts that they will keep getting good results.