VentureBuilder and the United States African Development Foundation (USADF) announced today (17 February 2020) 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.”
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About VentureBuilder: VentureBuilder provides flexible, long-term early-stage financing as well as Enterprise Development Services to African-owned and managed distribution enterprises. VentureBuilder will catalyze a new generation of businesses that deliver affordable, reliable, and sustainable electricity access across Africa. VentureBuilder co-developed by Catalyst Off-Grid Advisors and Open Capital Advisors since 2017, leveraging both companies’ decades of experience in building, advising, and financing off-grid solar companies. The development phase was made possible with support from Facebook, who also committed additional financing alongside the DOEN Foundation, Shell Foundation, and USAID for VentureBuidler’s implementation phase. To learn more, visit www.venture-builder.com.
About the United States African Development Foundation (USADF): The U.S. African Development Foundation (USADF) is an independent U.S. government agency established by Congress to invest in African grassroots organizations, entrepreneurs and small- and medium-sized enterprises. USADF's investments promote local economic development by increasing incomes, revenues and jobs, and creating pathways to prosperity for marginalized populations and underserved communities. Utilizing a community-led development approach, USADF provides seed capital and local project management assistance improving lives and impacting livelihoods while addressing some of Africa's biggest challenges around food insecurity, insufficient energy access, and unemployment, particularly among women and youth. Over the last five years, throughout Africa, with an emphasis on the Horn, Sahel and Great Lakes regions, USADF has invested more than $115 million dollars directly into over 1000 African-owned and operated entities and impacted over four million lives.
Contact:
In Paris: Thao Fabregas: This email address is being protected from spambots. You need JavaScript enabled to view it.
In Washington: Jarvis Holliday: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.venture-builder.com
Website: www.usadf.gov
LinkedIn: VentureBuilder | USADF
Facebook: @VentureBuilderAfrica | @USADF
Twitter: @VB_Africa | @USADF
