SunCulture raises $14m to accelerate its scale up and expand internationally its solar powered water pumps and irrigation systems for smallholder farmers
Nairobi, Kenya — 2020: SunCulture is a Kenya-based technology company and leader in solar power systems, water pumps, and irrigation systems for smallholder farmers. Ekta acted as exclusive financial advisor to the Company on its successful $14m equity raise.
In Africa, 80% of families depend on agriculture for their livelihoods, but just 4% use irrigation, while the remainder of households rely on increasingly unpredictable rainfall. This challenge is compounded by the reality that over half the population in sub-Saharan Africa lacks access to a reliable and affordable source of energy.
SunCulture offers comprehensive solutions tailored to smallholder farmers, combining market-leading technology with Pay-As-You-Grow (PAYG) financing and value-add services. Its systems enable customers to increase their agricultural productivity while accessing a steady supply of water and clean energy for household use. Farmers can grow their incomes 5-10x through increasing yields, growing higher-value cash crops, cultivating more of their land, and raising more livestock.
Successful round of $14m to consolidate SunCulture’s market leadership
Energy Access Ventures (EAV) led the round and was joined by Électricité de France (EDF), Acumen Capital Partners (ACP), and Dream Project Incubators (DPI). EAV is furthering its investment after having participated in SunCulture’s 2017 seed round, while EDF has supported SunCulture since 2018 both as an investor and as a business development partner, primarily in West Africa where EDF is a leading player in off-grid solar systems.
With these funds, SunCulture is in a position to accelerate direct sales in Kenya, continue to expand internationally, and fund existing product improvements and new product innovation.
Samir Ibrahim, SunCulture’s CEO and Co-Founder, underscores the urgency and impact of addressing affordability in a bid to eradicate food insecurity across the continent, “Now more than ever, scaling access to clean energy and water is critical for food security, smallholder farmer livelihoods, and climate resilience. This is essential to the wellbeing of rural households, as well as farmers’ ability to support themselves in uncertain times. This equity raise puts us in a position to dramatically accelerate our growth and international expansion. We’re thrilled to work with this phenomenal coalition of investors, who have a deep understanding of our business and share our commitment to reaching underserved communities.”
Ekta Partners acted as the exclusive financial advisor for this transaction, building on the team’s track record in raising capital for tech companies driving positive change, in Agtech and in emerging markets. It also outlines Ekta’s ability to deliver in challenging market conditions as the COVID-19 crisis unfolded.