By Faridat Salifu
SunCulture, a Nairobi-based solar-powered irrigation systems provider, continues to attract investors as it received a significant financing boost.
This comes as investment company, InfraCo Africa recently granted SunCulture $12 million to support the company’s expansion efforts in sub-Saharan Africa.
SunCulture aims to enhance its solar irrigation offerings, particularly focusing on markets in sub-Saharan Africa where the company has already made substantial investments.
The financing package facilitated by InfraCo Africa, we gathered is an investment arm of the Private Infrastructure Development Group (PIDG) with London-based financial advisory firm EKTA Partners as the exclusive financial advisor.
“This equity investment is part of an oversubscribed $27.5 million Series B fundraising, with a vision to empower hundreds of thousands of smallholder farmers to access Internet of Things (IoT)-enabled solar irrigation systems by 2030 across Africa,” stated InfraCo Africa.
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According to reports, the advanced IoT-based systems offered by SunCulture are tailored for small farms ranging from 1 to 3 acres, with the capability to pump up to 1,200 liters of water per hour.
These systems are designed to maximize water efficiency through features such as drip irrigation sprinklers that help reduce wastage.
Moreover, the installations include remote monitoring and predictive maintenance systems, as well as battery storage for domestic lighting and charging small appliances.
Samir Ibrahim, the CEO of SunCulture, was quoted as expressing enthusiasm about the collaboration with investors, emphasizing the impact on farmers’ yields and economic well-being.
SunCulture’s ‘Pay-As-You-Grow’ model makes their pumps affordable for small-scale farmers, with costs significantly lower than traditional fuel pumps.
Furthermore, by participating in a carbon credit scheme verified by VERRA, SunCulture reduces the initial cost of their pumps, contributing to a more sustainable approach.
In addition to InfraCo Africa’s investment, SunCulture has secured funding from various entities over the years, including Nithio Financial Intermediary, Triodos Investment Management, NDF, AlphaMundi, AfDB’s OGEF, Energy Access Ventures (EAV), Électricité de France (EDF), Acumen Capital Partners (ACP), and Dream Project Incubators (DPI), Energy Access Ventures (EAV), Électricité de France (EDF), Acumen Capital Partners (ACP) and Dream Project Incubators (DPI).
