Persistent Energy has raised $10 million in equity in its Series C round led by Kyuden International Corporation and FSD Africa Investments to continue growing its successful climate venture building business in Africa.
The round was joined by existing shareholders BK Ventures BV and DPI Energy Ventures Pte. Ltd. while welcoming six new private investors, high net worth angel investors and entrepreneurs from Asia and the USA, including Mr Kotaro Tamura, seed investor and adjunct professor at the LKY School of Public Policy at the National University of Singapore. The equity round remains open for a limited time to allow for a few additional investors to join until year-end.
Persistent continues to serve its investors and 20 partner companies in 17 countries across Sub-Saharan Africa, supported by a team of 20 professionals. The capital raised in this Series C, the third on-balance sheet equity raise in the company’s history, will enable Persistent to strengthen the team across the continent and scale its climate venture building activities in Africa, potentially improving 2 million people’s lives, creating 6,000 jobs and avoiding 700,000 tCO2e.
Tobias Ruckstuhl, the Managing Partner of Persistent, says: “Many more companies need to be started and built in order to reach the UN Sustainable Development Goals (SDGs) within the next 10 years. Kyuden and FSDAi are committed to our entrepreneurial climate venture-building model. By leveraging these powerful partnerships, we will be able to accelerate our most pioneering venture building investments, driving the transition to clean energy, promoting e-mobility and finding innovative business models and technological developments across the continent.”
“Mike” Masashi Mizoguchi, Managing Director, Head of Business Division, Tokyo Branch Office of Kyuden International Corp, comments: ”Persistent brings thought leadership and unique capabilities in the earliest stage climate investments across Sub-Saharan Africa. Our partnership with Persistent will help us accelerate our ambition to realise the ‘Kyuden Group Carbon Neutral Vision 2050’ by promoting the development of renewable energy and clean transportation”.
Anne Marie Chidzero, Chief Investment Officer of FSDAi, says: ”We are delighted to support Persistent as it expands its innovative climate venture building model. We look forward to working with the Persistent team to accelerate the investment needed by African entrepreneurs in the nascent and fast-growing climate sectors. The combination of Persistent’s capabilities and approach, together with FSDAi’s expertise, patient capital and focus on green finance represents a very strong proposition in areas where innovation and early-stage equity capital are highly needed.”
Kazuomi Kaneto, K2, founder and CEO of DPI Energy Ventures and Director of Persistent’s Board, comments: “We are excited to achieve this important milestone for Persistent with many new investors from Asia. This achievement enables us to accelerate the growth of climate ventures that greatly contribute to the UN SDGs, especially in Sub-Saharan Africa, where 600 million people still lack access to electricity and greatly suffer the effects of climate change.”
