US-based cleantech developer Angaza has raised $10.5m of series B capital from investors including the Stanford-StartX fund, the vehicle co-founded by accelerator StartX and Stanford University, TechCrunch reported on Monday.
The round was led by impact investment firm Emerson Collective, while Salesforce Ventures, the corporate venturing arm of customer relationship management platform Salesforce, Social Capital and Rethink Impact also took part.
Angaza offers pay-as-you-go functionality for off-grid solar systems in remote areas of developing countries. Users acquire a solar charging device for a small initial fee and top up their account through a digital wallet on their phone, paying off the remainder of the device at the same time.
The platform claims 2 million end-users across a total of 30 countries.
Angaza participated in StartX’s accelerator in 2014, the same year it undertook the Orange Fab early-stage program backed by telecoms firm Orange. It also received support in 2011 from…
