Solar kits provider Qotto, who currently has operations in Burkina Faso and Benin, has raised $8 million during a Series A equity-debt round led by the IBL group, with participation from The Off-Grid Energy Access Fund (FEI-OGEF), Cordaid, and Qotto’s existing investors.
The company now aims to scale in existing markets with plans to expand to Ivory Coast where they will begin operations in the near future.
“For Ivory Coast, due to its consistent pace of development relative to the broader West Africa region, and after having tested and optimized operations and services in Benin and Burkina Faso, Qotto is well prepared for a market entry. Moreover, the customers who have been able to test the Qotto products in the country, have expressed a need and desire to see Qotto enter the Ivory Coast market,” Qotto co-founder and president, Jean-Baptiste Lenoir said, according to TechCrunch.
Qotto says IBL is drawing its roadmap for East Africa expansion too, with the expansion taking place in September of this year, which is, along with IBL, planning to “to strengthen its position in East Africa and to develop its renewable energies exposure.”
“Together, we see a great opportunity for the essential services and large Solar Home Systems offerings provided by Qotto,” Lenoir said.
Qotto says its revenue has grown 50% year on year, and the company seems to have an incredible foundation in place for future success and growth.