Oolu raises $8.5m Series B round

Senegal: Launched in 2015, Oolu aims to provide affordable energy access to rural and peri-urban customers in West Africa. So far, it has sold over 60,000 solar home systems to customers across its five markets – Nigeria, Senegal, Mali, Burkina Faso, and Niger.

The Series B funding round was led by independent renewable energy developer RP Global. Additional participating investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures.

With the investment, Oolu will expand its core product offering to meet the needs of its current and future customers, and further develop its operations in West Africa.

“The strength of our business and industry during a challenging global pandemic has demonstrated the value that customers see in our products and service. RP Global’s financial expertise and experience in managing renewable energy businesses will enable us to accelerate our growth,” said Dan Rosa, chief executive officer (CEO) and co-founder of Oolu, said.