Persistent Energy Capital LLC, Africa’s Climate Venture Builder, announced that it has raised USD 10M in equity in its Series C round. The raise, which was achieved with the support of Kyuden International Corporation and FSD Africa Investments, will enable Persistent to continue to grow its climate venture building business in Africa.
The equity round also had the participation of six new private investors, high-net-worth individuals, and businesspersons including Kotaro Tamura, as well as existing investors like BK Ventures BV and DPI Energy Ventures.
Persistent Energy, as an expert and investor in the renewable energy sector in Africa, helps startups to build businesses that can “scale sustainably” from ideation to the early growth stage. It does this by investing capital and human resources – where its team members join and work together with the management teams of portfolio companies.
Persistent continues to serve its investors and 20 partner companies in 17 countries across Sub-Saharan Africa, supported by a team of 20 professionals. The capital raised in this Series C, the third on-balance sheet equity raise in the company’s history, will enable Persistent to strengthen the team across the continent and scale its climate venture-building activities in Africa.
Commenting on the raise, Tobias Ruckstuhl, Managing Partner of Persistent, says, “Many more companies need to be started and built in order to reach the UN Sustainable Development Goals (SDGs) within the next 10 years. Kyuden and FSDAi are committed to our entrepreneurial climate venture-building model. By leveraging these powerful partnerships, we will be able to accelerate our most pioneering venture building investments, driving the transition to clean energy, promoting e-mobility, and finding innovative business models and technological developments across the continent.”
“Mike” Masashi Mizoguchi, Managing Director, Head of Business Division, Tokyo Branch Office of Kyuden International Corp, also commented, ”Persistent brings thought leadership and unique capabilities in the earliest stage climate investments across Sub-Saharan Africa. Our partnership with Persistent will help us accelerate our ambition to realise the ‘Kyuden Group Carbon Neutral Vision 2050’ by promoting the development of renewable energy and clean transportation”.
The company also said it will use the new funding to strengthen its team.