Congrats to the VC4Africa listed UpEnergy team in Uganda! The team closed a new debt investment deal with Global Hearthworks Foundation.
In January 2014 we profiled UpEnergy when they secured an equity investment deal of over USD 1 million and launched a new fundraising campaign on VC4Africa to raise USD 1 million more in debt.
UpEnergy sells clean energy products such as improved cookstoves to underserved communities in Africa. The Global Hearthworks Foundation providing the new debt investment deal is a non-profit organization supporting market-based enterprises focused on clean energy in developing countries.GHWF’s support of UpEnergy will offer working capital for inventory purchases and strengthen UpEnergy’s Ugandan distribution channel by allowing the company to invest in stronger partnerships and a sub-regional presence. This will result in lower distribution costs, thus improving sales margins and supporting long term growth and profitability.
The timing of this investment coincides with UpEnergy having sold its 50,000th product since its inception in 2011. These products serve approximately 400,000 Ugandans with clean energy technologies. UpEnergy aims to deliver energy-efficient cookstoves to 125,000 low-income households in Uganda by 2017, thereby serving 1,000,000 people.
In the process, they intend to grow into the premier commercial distributor of clean energy solutions to underserved communities in Uganda. Global Hearthworks Foundation complements UpEnergy’s previous roster of debt and equity investors, including Finnfund, Richard Lawrence, Matt Evans, Climate Wedge and others.
Check out UpEnergy’s VC4Africa venture profile for more info on the company. Only investors who registered VC4Africa Pro Accounts can get access to private documents and all other details of ventures, and express their interest to invest.