Nigerian clean tech company SunFI has announced a $2.325 million first round. Rotimi Thomas, the company’s CEO, said that the investment would help SunFi expand its business and improve its ability to offer customers the best systems at the lowest prices.
Factor[e]in Nairobi and SCM Capital Asset Management at Sterling Bank was in charge of the money. Other investors include Voltron Capital, Norrsken Impact Accelerator, Ventures Platform, and Sovereign Capital.
Our current way of making money is by charging margins for payment plans. Our value proposition is hard to forget because we help solar installers grow by meeting all their needs along the value chain.
In addition to getting payment plans in as little as 24 hours, they can also design optimised solar-inverter-battery solutions, pool demand for equipment to get better terms from the supply chain, connect with an extensive network of installers, and turn on remote monitoring.”
Since its official launch in Q1 2022, SunFi has added more than 40 solar system vendors to its platform. Ten of these are its leading providers, serving more than 129 customers. The one-year-old energy company has given more than $600,000 to these clients through agreements with financial institutions.
The energy company gives customers two ways to pay: lease to own (after putting down an initial deposit, customers make payments over time until they own the solar system) and subscription model (customers pay to use the solar system monthly).
SunFi doesn’t make or install solar panels, but it does help small solar businesses find the best manufacturers on the market with the help of experts. SunFi hopes to eliminate the need for solar providers to get financing from banks by filling the credit gap.