M-Kopa

From Disrupting Africa
Jump to: navigation, search
Obama visiting M-Kopa during his trip to Kenya. Picture: Quartz Africa

M-Kopa (M for mobile, kopa is Swahili for borrowed)is a Kenyan solar energy company that was founded in 2011 by Nick Hughes, Chad Larson, and Jesse Moore. Headquartered in Nairobi, the company sells home solar systems in Kenya, Tanzania, and Uganda. Hughes previously set up and ran M-Pesa at Vodafone, a mobile phone-based money transfer, financing and microfinancing service. M-Kopa was launched commercially in 2012 and had connected over 300,000 homes in East Africa to solar power by January 2016. Off-the-grid household customers pay a deposit to take the solar system home, then pay a daily amount through M-Pesa for a year, after which they own it. In addition to getting solar power, customers also slowly off-set the cost of the device. The company was founded in 2011 by Nick Hughes, Chad Larson, and Jesse Moore. It had connected over 300,000 homes in East Africa to Solar power, as of early January 2016. In 2016, M-Kopa sold 30,000 solar TVs in Kenya, looking to add internet access.[14] By December 2016, the company had sold around 400,000 systems in Kenya, Tanzania, and Uganda since its launch in 2011, under CEO Jesse Moore. By January 2018, the company had wired at least 500,000 homes, and sold about 90,000 solar rechargeable televisions. In February 2018, M-Kopa received $10 million in funding from FinDev Canada in a new funding round led by CDC, and including existing shareholders LGT Venture Philanthropy and Generation Investment Management. From Wikipedia