Startups
In a huge win for Nigeria's small business community, Earthbond, a local startup, just raised $200,000 in pre-seed funding. The company, founded in 2023 by Chidalu Onyenso, is on a mission to help small and medium-sized businesses (SMBs) transition to solar power — and with this new funding from Madica, an Africa-focused investment firm, they’re ready to help even more. Earthbond has already done a lot. They’ve assessed the solar power needs of over 100 businesses in Lagos alone, and with deals potentially worth $1 million in the works, the demand for solar power is clear. Even more impressive, over 1,800 SMBs have joined Earthbond’s waitlist, eager to make the switch as fuel prices continue to climb. A Simple Way to Switch to Solar So, how does Earthbond work? It’s pretty straightforward. Business owners simply need to fill out a form on the company’s website, providing basic information about their energy needs and operating hours. Earthbond then connects them with solar panel installers and offers flexible financing options. In fact, Earthbond has partnered with four microfinance banks to offer repayment plans of up to 48 months. That means small businesses can get the clean energy they need without the massive upfront costs. “Leading the charge of energy transition is no easy feat,” said Chidalu Onyenso, CEO of Earthbond, “and we’re glad to have investors like Madica who share our passion and vision.” Why Solar Matters for Small Businesses In Nigeria, small businesses face a major challenge: keeping the lights on. With unreliable power supplies and the high costs of diesel and petrol generators, many are struggling to keep operations running smoothly. Solar power is a clean, reliable alternative — but until now, the high installation costs have kept many businesses from adopting it. That’s where Earthbond comes in. By offering flexible payment options and connecting businesses with solar providers, they’re helping more and more companies make the switch to clean energy — without breaking the bank. Earthbond’s plans don’t stop there. The startup is also looking at ways to help businesses track their carbon emissions, with plans to offer discounts based on how much carbon they save. This could be a game changer, not only for the environment but for the businesses themselves, who can save money while going green. As Nigeria works towards increasing its solar capacity, Earthbond is entering a market already served by established players like Rensource Energy and M-KOPA. But with this new funding and a unique approach to financing, Earthbond is ready to make its mark. Madica, the investment firm behind the funding, is eager to help. “Earthbond has tremendous potential to drive an equitable clean energy future and positively impact Africa,” said Emmanuel Adegboye, head of Madica. For small business owners looking for a reliable, affordable alternative to diesel and petrol generators, Earthbond offers a way forward. Their flexible financing options and easy-to-use platform make it simple to figure out how much solar power your business needs — and how to get it, without the massive upfront cost.
Funding Startups

Earthbond Secures $200,000 in Funding to Support Nigerian Small Businesses in Solar Transition

In a huge win for Nigeria’s small business community, Earthbond, a local startup, just raised $200,000 in pre-seed funding. The company, founded in 2023 by Chidalu Onyenso, is on a mission to help small and medium-sized businesses (SMBs) transition to solar power — and with this new funding from Madica, an Africa-focused investment firm, they’re […]

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Nigerian Healthtech Startup, Field, Secures $11M to Revolutionise Maternal and Child Healthcare in Africa
Startups

Nigerian Healthtech Startup, Field, Secures $11M to Revolutionise Maternal and Child Healthcare in Africa

Field, a healthtech startup based in Nigeria, has raised $11 million from the Bill & Melinda Gates Foundation to confront one of Africa’s most pressing healthcare challenges: maternal and child mortality. With this funding, Field aims to deploy its route-to-market service to facilitate access to critical therapies across Nigeria and Kenya, focusing on maternal health, […]

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Startups Tech Technology

Garage: Hitting Profitability in Just 4 Months through Sheer Hard Work and Diligence

Starting a business in today’s competitive landscape is no small feat. But hitting profitability within four months of launching is even more remarkable. For The Garage, a tech-focused startup, this achievement was not by chance but the result of relentless dedication, hard work, and strategic thinking.  How It All Began: The Early Days of The […]

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Business Startups

Africa’s E-Commerce Sector to Reach New Heights: Chpter Secures $1.2 Million Pre-Seed Funding to Expand Across the Continent

Chpter, a Kenyan AI-powered social commerce platform, has secured $1.2 million in a pre-seed funding round to accelerate its growth across Africa. Founded in 2022 by Tesh Mbaabu, Mesongo Sibuti, Kuria Kevin, and Mark Kiarie—co-founders of the YC-backed startup Marketforce—Chpter aims to revolutionise how businesses engage with customers on social media platforms like WhatsApp and […]

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Fintech Startups

Kredete’s Game-Changing $2.25M Investment: Helping African Immigrants Build Credit and Manage Transfers.

Kredete, a groundbreaking financial software platform, has just secured $2.25 million in seed funding to bridge a major gap in financial services for African immigrants. This funding round, led by BFF and supported by investors like Techstars and the Tezos Foundation, underscores Kredete’s commitment to transforming how African immigrants manage their finances. Empowering Financial Futures […]

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Startups

Kenya’s Ilara Health Raises $4.2M to Expand Clinic-Support Services and Improve Healthcare Access

Kenyan health tech startup, Ilara Health, has secured $4.2 million in debt-equity funding in a pre-Series A round led by DOB Equity, with participation from the Philips Foundation and existing investors. The funds will be utilized to scale operations within Kenya, aiming to enhance healthcare access through a B2B health and occupational service. Ilara Health, […]

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Startups

Ventures Platform names Damilola Teidi as Head of Platforms and Networks

Damilola Teidi has been appointed as the first-ever Head of Platform and Networks for African venture capital firm, Ventures Platform. Teidi, who before joining Ventures Platform was Director of Startup Support at Co-creation Hub, will now oversee the venture firm’s efforts to support its portfolio companies. She will lead a team focused on building and […]

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Business Startups

Kenya’s ARA drops fraud and laundering allegations against Nigerian fintech Korapay

Kenya’s Asset Recovery Agency (ARA) has dropped the allegations of laundering and fraud leveled against Korapay, a Nigerian payment company (TechCabal). In July, the ARA, which is charged with identifying and confiscating proceeds of crime committed in the East African country, had brought two separate suits against Korapay and Kandon Technologies Limited, another Nigerian fintech […]

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Startups

€30 million fund generated by Satgana to support African climate tech startups

A European venture capital (VC) firm headquartered in Luxembourg, has closed a €30 million fund to fund startups that tackle climate change problems in Africa. The fund will do so by investing up to €500K in the pre-seed and seed stages of startups across Europe and Africa.  The VC will leverage the network of its […]

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Startups

Google launches accelerator for circular-economy focused startups

Tech giant Google is launching a new startup accelerator that will be focused on the circular-economy. The project will aid Google in its stride on environmentally centered startups. The circular-economy is an alternative in how we produce and consume our goods. Instead of traditionally making products, using them and then discarding off their remains as […]

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