CEI Africa invests 1.1 million euros in MPower

(CONNECT) MPower Ventures AG has received EUR 1.1 million from CEI Africa. According to its announcement, the Amsterdam-based foundation is increasing the fresh capital by EUR 1.1 million together with the crowdfunding platforms Klimja and Republic through a combination of equity and subordinated loans. In total, the campaign raised 795,000 euros on one platform and 1.7 million euros on the other, including investments from angel investors.

MPower is a Zurich-based climate fintech company that distributes small and medium-sized reliable and off-grid solar solutions for households and businesses in the seven African countries of Zambia, Cameroon, Togo, Ghana, Namibia, Botswana and Zimbabwe. At the same time, MPower provides knowledge, software and financing solutions to its network of solar installers, distributors and key accounts. The company, which was founded in 2017, has reportedly already sold 50,000 solar products and devices.

With the fresh capital, the company is now focusing on its growth throughout Western and Southern Africa. This will enable "MPower to step up its efforts to promote sustainable energy where it is needed most," says CEI Africa board member Steven Evers.

"We at MPower are convinced that solar energy in combination with financing solutions is one of the most effective ways to drive economic development in sub-Saharan Africa and combat energy poverty," Mpower co-founder and CEO Manuel Seiffe is quoted as saying. "There is no doubt that the complementary funding from CEI Africa has mobilized additional funds for MPower - critical to our growth and expansion plans." ce/mm