Persistent Energy Capital LLC, which bills itself as Africa’s Climate Venture Builder, recently disclosed that its Series C funding round comprised $10 million in equity funding.
The funding was made possible with the help of FSD Africa Investments and Kyuden International Corporation. It would allow Persistent to grow in building climate-friendly firms in Africa.
Existing investors such as DPI Energy Ventures and BK Ventures BV and DPI Energy Ventures were joined in the equity round by businesses, six private investors and high-net-worth individuals and businesses. Kotaro Tamura was one of these new investors.
As an industry specialist and investor in Africa’s renewable energy sector, Persistent Energy works with new companies to help them create businesses that can “scale sustainably.” This assistance is provided everywhere, from the concept to the early growth stage.
Persistent is still offering services to 20 partner companies and its investors in seventeen different countries across Sub-Saharan Africa with the support of a workforce of 20 specialists.
It can accomplish this by investing in both financial and human resources. Specifically, its team members will join management teams of portfolio companies to interact with those teams.
Because of the investment raised in this Series C, which was the third on-balance sheet equity transaction in the company’s history, Persistent will have the option to scale its climate venture-building activities in Africa.
Managing Partner at Persistent, Tobias Ruckstuhl, reacts to the rise in salary by saying, “To fulfil the United Nations Sustainable Development Goals (SDGs) over the next ten years, many more enterprises need to be formed and expanded.”Both FDA and Kyuden are committed to fostering an atmosphere conducive to entrepreneurship and the venture-building methodology. By capitalizing on these robust collaborations, we can quicken the pace at which we make our most cutting-edge investments in creating new businesses.
This will also assist us in accelerating the transition to renewable energy, identifying advanced business models promoting e-mobility and making technological achievements across the continent.
“Mike” Masashi Mizoguchi, in charge of business at Kyuden International Corp.’s Tokyo branch office, said, “Persistence produces unique capabilities and thought leadership in the earliest stage of climate investments throughout Sub-Saharan Africa.”
Through our partnership with Persistent, we will be able to fulfil the “Kyuden Group Carbon Neutral Vision 2050” more expediently. They will accomplish this by encouraging the expansion of transportation and renewable energy.
The company further stated that it planned to increase the size of its employees with the assistance of the newly acquired cash.