Alternative energy startup Kingo closed $8 million in Series B financing. Five investors participated in the round, including ENGIE Rassembleurs d’Energies, FCP Innovacion SP, FMO, and Proparco.
Kingo offers a prepaid solar energy service for rural communities without access to reliable electricity grids at a lower cost than candles or kerosene. The company’s solar energy kits can power light bulbs, cell phones, and other household appliances. Customers can purchase codes by day, week, month, or as their budgets permit. Kingo currently has operations in both Central America and South Africa, and the company expects to reach more than 3,000,000 people by 2020.
In its announcement, the company said this financing round will allow Kingo to increase its capabilities and improve proprietary technology. The company’s goal is to service more than one million households by 2021 and to help humanity get a step closer to a brighter world.