BBOXX Closes US$50 Million Funding Round Led by Mitsubishi
Thursday, August 29, 2019
By Conor Ryan
BBOXX has successfully closed a US$50 million Series D funding round that will see the next generation utility company accelerate its global expansion efforts.
This US$50 million in funding features a substantial investment from the Mitsubishi Corporation, which led the round. The investment will help drive BBOXX’s growth across Africa, where it currently operates in 12 countries, as well as in Asia.
So far, BBOXX’s efforts of offering pay-as-you-go (PAYG) solar energy using mobile money has positively impacted nearly one million people to date, with the company installing 200,000 solar home systems, which are remotely monitored via BBOXX Pulse.
Photo courtesy of Power Africa.