VENTUREBUILDER and the United States African Development Foundation (USADF) have announced their partnership to support the development of off-grid solar energy enterprises that can meet the demands of underserved populations in Africa.
Through this partnership, announced ahead of the Global Off-Grid Solar Forum (Nairobi Kenya, February 18-20), USADF and VentureBuilder will join forces to leverage each other’s complementary expertise in the sector.
VentureBuilder is pioneering an innovative business model by providing ‘patient’ early-stage equity as well as enterprise development services, to off-grid solar enterprises in Africa. Similarly, USADF provides early-stage seed funding in the form of grants, as well as intensive local technical support, to strengthen off-grid energy enterprises’ ability to scale in less mature markets.
‘We’re thrilled to announce this collaboration with USADF, given our shared mission to catalyse a new generation of indigenous off-grid solar businesses across Africa,’ said Dan Murphy, Managing Director of VentureBuilder. ‘USADF’s grant resources will enable VentureBuilder to more efficiently deploy equity into partner companies, and our enterprise development services will accelerate companies’ paths to sustainable scale and impact.’
‘The new USADF-VentureBuilder partnership allows us to build on both of our strengths, including USADF’s network of African local implementing partners across Africa,’ said C.D. Glin, USADF President and CEO.
‘Local off-grid energy enterprises will be able to access the three key ingredients they need to grow: a tranche of non-returnable capital that provides them a lower-risk period to get to scale; an investment of r equity that will allow them to grow even further; and local technical assistance to help them overcome the many hurdles that they may face as entrepreneurs.’