Zambian startup WidEnergy, a woman-led for-profit social enterprise dedicated to female empowerment and the expansion of affordable energy access, has raised a new round of funding to help scale its impact. WidEnergy, the name of which is an acronym for “Women in Development,” reflecting the startup’s goal of leverages a pay-as-you-go (PAYG) model to provide solar-powered homes and appliances. The startup works with female sales agents to distribute renewable energy solutions across Zambia, focusing on core competencies in lending and distribution to develop a high-quality lending portfolio with minimised default risks. WidEnergy secured an undisclosed amount of funding from the Germany-based GreenTec Capital in July of last year to expand its operations, and has since demonstrated strong traction – almost doubling its customer base in the last year. It has now secured further investment from ShEquity, a newly-launched investment vehicle that focuses on providing smart and sustainable investments for African female entrepreneurs and innovators.
SOURCE: DISRUPT AFRICA