Launched in 2015 in Senegal, Oolu provides affordable energy access via solar home systems to rural and peri-urban customers. Its core product is pay-as-you-go solar home systems; the company has sold more than 60,000 systems across Nigeria, Senegal, Mali, Burkina Faso, and Niger. Oolu plans to expand its core product offering to meet the needs of current and future customers and to further develop its operations in West Africa. Management said the business demonstrated resilience and customer demand during the global pandemic. The company raised new funding to accelerate growth across its five markets. Oolu sells pay-as-you-go solar home systems (SHS) to rural, off-grid customers on low monthly fees paid via mobile money, and provides installation, maintenance, free battery replacements and upgrades. The company was founded in 2015, incubated in Y Combinator, and operates with a Dakar-based management team and more than 130 full-time employees. Oolu has sold more than 34,000 SHS in less than three years across Senegal, Mali and Burkina Faso. Its core product powers lights, phone chargers, radios, fans and televisions and targets customers who lack reliable or safe lighting. The company says it has ambitious product development and geographic expansion plans and aims to become a leading energy and financial services provider to rural households in West Africa and beyond. Oolu is a Senegal-based photovoltaic (PV) company serving off-grid customers in West Africa. It offers solar energy solutions and aims to become a leading energy and financial services provider in the region. The company will use its Series A proceeds to invest further in operations in Senegal and Mali and to expand into a third West African market in 2018. Oolu previously completed a seed round in 2015. The company raised US$3.2 million in equity in this Series A to support growth and customer expansion. CEO Dan Rosa described the fundraise as an important milestone and a vote of confidence from its investors.

Total raised

$12M

Funding rounds

3

Latest round

Series B

Latest activity

Dec 2020