An undisclosed sum of funds has been raised by the Kenyan climate-tech startup KOKO from Rand Merchant Bank (RMB).
By providing bioethanol cooking fuel to over 1.1 million households via a sophisticated network of KOKO Fuel ATMs situated in thousands of corner stores throughout urban Kenya, KOKO reduces the need for charcoal.
Even the poorest households are able to switch because the resulting carbon revenues are shared with households as a non-government energy subsidy.
RMB has made a direct investment to support KOKO’s climate goals after serving as the primary mandated arranger and financier for the innovative carbon financing solution up until this point.
“We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets, and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa,” said Greg Murray, CEO and co-founder of KOKO.
The head of RMB’s carbon finance, Phil Norton, expressed his pride in working with KOKO to support its continued rapid growth and provide millions of Africans with energy that is far more affordable and emits fewer emissions.
“As a pan-African investment bank, this deal fits well within our ambition to build a market-leading carbon trading and finance business operating across Africa, serving both existing and new clients,” he said.
