Oolu announced the completion of a US$3.2 million of equity investment.
The funding round has been led by Persistent Energy Capital (PEC), and was joined by Y Combinator (YC) and other seed investors. Oolu will use the money to further invest in its current operations in Senegal and Mali, and to expand into a third market in 2018.
Dan Rosa, Co-Founder and Chief Executive Officer of Oolu, commented: "This fundraise is an important milestone, and a further boost for us at a very exciting time for the company where we see real and significant opportunities in the West African markets. Today’s announcement gives us great confidence that we are on the right track in pursuing our goal of becoming the leading energy and financial services provider in West Africa. We’re delighted to have the support of quality investors like PEC and Y Combinator, and we look forward to working closely with them as we continue to grow the business."
Dirk Muench, Co-Founder and Partner of Persistent Energy Capital, said: "We see in Oolu an extremely talented and qualified team. They have impressed us with their ability to define a strategy and then execute on it. We believe Oolu has what it takes - team, vision, technology - to become a trusted provider of products and services for millions of African households. We are excited to be a part of Oolu’s story as they deliver financial and social returns."
Geoff Ralston, Partner at Y Combinator, said: "Oolu has grown impressively quickly in one of the most unpredictable and difficult markets in the world. Nilmi and Dan have proven that they are smart enough, tough enough, and resilient enough to succeed in a challenging and fast-paced emerging market. We funded them precisely because those are the qualities that they will need to make their business successful, and they are already on the right path."