IP Group has backed Azuri Technologies, which markets pay-as-you-go solar-powered appliances to households in sub-Saharan Africa.
UK-based solar technology producer Azuri Technologies attracted $26m yesterday in a round backed by commercialisation firm IP Group and led by diversified conglomerate Marubeni.
Founded in 2012, Azuri Technologies supplies pay-as-you-go solar energy systems to households in sub-Saharan Africa that lack access to an electricity grid. The products are distributed via local partners.
Its offering includes AzuriTV, a package consisting of a solar panels, a television, access to local and international satellite broadcasters, LED lights and a torch, a rechargeable radio and the ability to charge mobile phones.
The company will use the capital to extend its reach in its existing markets and enter new ones.
Azuri does not appear to have previously raised any equity funding, though it has secured at least $27.8m in debt financing, according to press releases and media reports.
