Energy Startup, Rensource Bags $20 Million in Series A Funding

A Nigeria-based energy startup- Rensource has reportedly raised a whopping $20 million which will be used to increase its market offering

2019 is no doubt a year to remember for many Nigerian startups, as several companies have been able to sweep in millions of dollars in seed funding. Energy startup, Rensource, is, however, not left out in the several deals, as it bags its own Santa gift much earlier.

The startup in the latest development secured a $20 million Series A investment from CRE Venture Capital and the Omidyar network. Coming in a time when the company is planning an expansion beyond the walls of Nigeria- basically across other Africa Countries.

The funding also had participation from Inspired Evolution, Proparco, EDPR, I&P, Sin Capital and Yuzura Honda.

The 2016-founded startup is known for providing homes as well as enterprises (SMEs) with efficient renewable energy. At that, the company currently has established operations across 6 States in Nigeria including Lagos, Kano, Ogun, Ondo, Oyo, and Edo.

Rensource Africa Nigeria App
Rensource Spaces 020

Rensource also has a flexible payment scheme (via app), which enables its clients to remit their fees seamlessly on a daily basis, weekly basis, or monthly basis depending on which is most suitable.

While Nigeria and Nigerians have suffered a great setback from the poor electricity generation in the country, Rensources, in its own vision sees a better alternative in the green energy.

According to a reliable source, Rensource also plans an extension in its offerings beyond energy and offers them B2B services which according to the company is called “Spaces O2O” (Spaces Offline to Online).

“We believe that simultaneously greening and decentralizing its power infrastructure is the only way to navigate Nigeria out of its current state of energy poverty. Pursuing this with a focus on the millions of small-businesses that drive our economy creates a massive multiplier effect whose benefit accrues to all.”

Ademola Adesina, Founder and CEO, Rensource.

With the latest development, Rensource wants to provide SMEs with supply-chain services, business-analytics, and working capital options, to accelerate their productivity.

“Our push into O2O is a natural step that leverages our existing infrastructure to further empower the merchants we serve. We aim to bring connect over one-million merchants in the next 5 years,” Ademola said.

Other than diversifying its offering, the latest funding will also boost the company’s plan to expand to other markets, as it currently plans to establish a presence in about 100 markets within Nigeria, and to additional African countries within the next 3 years.


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