This investment, led by Key Carbon Ltd., a company specializing in carbon project finance, will allow BURN to increase access to cleaner cooking options for millions in Sub-Saharan Africa.

The funding builds on a successful partnership between BURN and Key Carbon.

In 2021, Key Carbon provided $25 million, enabling BURN to make their cookstoves more affordable.

This latest investment will focus on expanding distribution of electric cookstoves in Kenya, Tanzania, Uganda, and Zambia, while promoting biomass cookstoves in Nigeria, DRC, Tanzania, and Mozambique over the next two years.

Traditional cooking methods, reliant on firewood and charcoal, pose significant health, environmental, and economic challenges in Sub-Saharan Africa.

Roughly 950 million people depend on these methods, leading to respiratory illnesses, deforestation, and increased carbon emissions.

Additionally, the burden of fuel collection often falls on women and girls, limiting their opportunities.

Peter Scott, BURN’s Founder and CEO, highlights the company’s impact:

“Since 2014, our industry-leading stoves have transformed lives for over 24 million people.”

This new investment is expected to reach an additional 1.5 million and avoid over 12 million tons of carbon emissions in the next seven years.

BURN’s expansion, fueled by carbon finance innovation, offers a promising path towards cleaner cooking and a healthier future for millions across Africa.

The ten-year-old company, with a presence in over 23 countries and a workforce exceeding 200 employees spread across Africa, Europe, and the Caribbean, has raised over $23 million since its inception.

Zeepay plans to leverage the fresh capital injection to solidify its financial standing in anticipation of significant growth projected for 2024.

Zeepay stands out as a non-teleco mobile money operator in Africa, holding licenses in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados.

The company specializes in facilitating remittance deposits directly into mobile wallets, functioning seamlessly across various networks and partnering with diverse stakeholders.

“We are thrilled to welcome Verdant Capital Hybrid Fund as a new shareholder in our mobile money journey,” said Andrew Takyi-Appiah, Managing Director of Zeepay.

This investment strengthens Zeepay’s position as a leading player and positions the company for continued expansion.

It also solidifies Zeepay’s attractiveness to investors, becoming the fifth institutional shareholder to join the company in less than three years. This follows the initial $7.9 million equity investment by Investisseurs & Partenaires (I&P).

Kwabena Appenteng, Director at Verdant Capital, expressed his confidence in Zeepay, highlighting the company’s “solid track record of hard currency earnings through its remittance-to-wallet business model and vast growth opportunities across Africa.”

He further commended “the strength of the management team at Zeepay” as a key factor in the company’s success.

This investment marks a major milestone for Triply, fueling its growth and solidifying its position as a leader in Africa’s travel tech landscape.

Founded by Peter Wachira and Collins Muthinja, Triply offers a suite of tools designed to streamline operations for travel businesses in Africa.

Triply capitalizes on the booming African travel market, valued at a staggering $300 billion.

With domestic travel accounting for a significant portion (66% of travel spending), Triply caters to the needs of local travelers, providing them with a platform to discover and book reliable travel experiences.

Y Combinator’s investment signifies their belief in Triply’s potential to revolutionize the African travel industry.

This investment provides Triply with crucial resources, including access to Y Combinator’s mentorship network and global investor network.

With Y Combinator’s backing and its innovative approach, Triply is poised to become a game-changer in Africa’s travel landscape.

By empowering travel businesses and enhancing traveler experiences, Triply is paving the way for a more efficient and vibrant travel industry across the continent.