VENTUREBUILDER AND USADF FORM PARTNERSHIP TO SUPPORT LOCAL OFF-GRID COMPANIES IN AFRICA
Posted: February 19, 2020
Nairobi, Kenya, /Newsdialy/— February 19, 2020—VentureBuilder and the United States African Development Foundation (USADF) announced today their partnership to sustainably help scale up indigenous off-grid solar enterprises across Africa. With over 100 million African households still lacking access to modern energy services, this new partnership will support the development of off-grid solar enterprises to meet the demands of underserved populations on the continent.
Under this new partnership, announced ahead of the Global Off-Grid Solar Forum, VentureBuilder will continue to pioneer its innovative business model by providing ‘patient’ early-stage capital and Enterprise Development Services to its local partners in Africa, while USADF will provide grant funding and local in-kind technical support to further strengthen the local partners’ ability to scale in less mature markets.
VentureBuilder and USADF target the same types of African-owned enterprises that improve the lives of the most vulnerable and poor in Africa through investments and technical assistance to foster local economic development. VentureBuilder and USADF only consider enterprises that are legally registered in their country of operation, are locally-owned and -managed, and meet rigorous due diligence standards related to governance, operations, and fiduciary matters.
Via their collaboration, VentureBuilder and USADF will streamline the sourcing, vetting, and post-investment support process. USADF will provide grant financing, while VentureBuilder will provide early-stage equity and a suite of Enterprise Development Services to off-grid solar enterprises.
“We’re thrilled to announce this collaboration with USADF, given that have a shared mission to catalyze a new generation of indigenous off-grid solar businesses across Africa,” said Dan Murphy, Managing Director of VentureBuilder. “USADF’s grant resources will enable VentureBuilder to more efficiently deploy equity into partner companies, and our Enterprise Development Services will accelerate companies’ path to sustainable scale and impact”.
“USADF is proud to partner with VentureBuilder to help local entrepreneurs thrive in the off-grid sector and increase their impact locally,” according to C.D. Glin, USADF President and CEO at USADF. “Our partnership with VentureBuilder will enable us to maximize our investments in Africa and reach underserved community enterprises.”