Qotto, the provider of stand-alone solar kits and lanterns, is shining a bright light on Africa's energy crisis. The company has just raised $8 million in a Series A equity-debt round, led by the IBL group, a Mauritius-based conglomerate. Qotto's existing investors, Cordaid, and the Off-Grid Energy Access Fund (FEI-OGEF) also participated in the funding round. With its sights set on expanding into Ivory Coast next month, the company is well-prepared to scale up its operations and introduce a range of innovative products and services.
Qotto's pay-to-own model offers essential services to people living in under-electrified regions of Africa, where 650 million people lack access to electricity. The company has already sold thousands of life insurance contracts and plans to more than double its 11,000 active customers by the end of this year. Qotto's offerings also include micro-insurance, micro-credit, and micro-savings products designed in partnership with SUNU, a West African insurer, as well as internet hotspots in high-traffic areas.
The company's mission to provide clean energy and essential services is aligned with the UN's Sustainable Development Goals (SDGs). Qotto's growth is a testament to its dedication to serving customers and improving impact indicators in its markets. With its proprietary technology stack, Qotto's renewable energy solutions are bridging the energy access gap in the least electrified countries in sub-Saharan Africa.
As Qotto expands into Ivory Coast, it will take advantage of its consistent pace of development compared to the broader West African region. With revenue growth of 50% year on year, Qotto's presence in rural areas allows the company to understand customers' needs and propose innovative products based on its technology platform. With IBL's support, Qotto is set to strengthen its position in East Africa and develop its renewable energy exposure.
Qotto's funding round is a ray of hope for the millions of people in sub-Saharan Africa who lack access to essential services. With its pay-to-own model, innovative products, and sustainable mission, Qotto is powering the way forward for Africa's energy future.
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