Qotto raises $ 8 million in series A round to expand to Cote d’Ivoire

 Qotto, a clean-tech company which distributes and operates solar home systems in Africa, has raised $8 million in a Series A equity-debt round. The company operates out of Benin and Burkina Faso but is looking to expand to Cote d’Ivoire as early as next month.

Mauritius-based IBL group led the funding round. Off-Grid Energy Access Fund (FEI-OGEF), Cordaid, and Qotto’s existing investors participated in the round.

The french-based company disclosed to TechCrunch that it hopes to expand in its existing markets and broaden its market operations to Ivory Coast, which is set to commence operations next month.

In the bid for Qotto to evolve into an all-rounded civic amenities operator, it promises to enlarge and develop its market activities by introducing new products.

However, the products to be introduced include financial services like micro-insurance, micro-credit and micro-savings products in which their designs will be in collaboration with partners such as SUNU, a large insurer in West Africa and internet access hotspots.

The co-founder and president, Jean-Baptiste Lenoir, said;

For Ivory Coast, due to its consistent pace of development relative to the broader West Africa region, and after having tested and optimized operations and services in Benin and Burkina Faso, Qotto is well prepared for a market entry. Moreover, the customers who have been able to test the Qotto products in the country, have expressed a need and desire to see Qotto enter the Ivory Coast market.

According to Jean-Baptiste Lenoir, Qotto’s expansion would happen alongside IBL to ” strengthen its position in East Africa and develop its renewable energies exposure”. He added by saying, “Together, we see a great opportunity for the essential services and large Solar Home Systems offerings provided by Qotto” and that;

In sub-Saharan Africa, 650M people do not have access to electricity. 550M do not have access to the Internet and 800M do not have access to financial services. Many of these customers are overlapping in their needs for off-grid solutions, connectivity and financial services.

Moreover, it is important to note that In the least electrified nations, including South Sudan, Burundi, Chad, Malawi, Burkina Faso, Madagascar, and Tanzania, all of which are in sub-Saharan Africa and home to 75% of the world’s population without access to electricity, renewable energy solutions are closing the energy access gap.

Read More; Why FG’s Solar Systems Initiative May not Solve Nigeria’s Electrification Challenges

About Qotto

Qotto was founded in France in 2016. and started in Benin, where its local team pays daily visits to rural areas to meet villagers, identify new customers and install solar home systems.

Qotto has consistently provided solar-powered energy solutions in West Africa since 2016. It has had its revenue advance by 50% year on year with over 11,000 active customers by the end of last year, which now envisages doubling by the close of this year following its growth plans which can be said to be one of its reasons for the funding.

Read More; d.light launches in Nigeria with solar energy and device financing Solutions