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Ghanaian energy technology startup Kofa has raised $8.1 million in a pre-Series A funding round aimed at scaling its battery-swapping network across cities in Africa.
The financing includes $3.25 million in equity, $4.315 million in debt, and $590,000 in grants.
The round was co-led by E3 Capital and Injaro Investment Advisors. Other contributors include the Shell Foundation and the UK Government’s Transforming Energy Access (TEA) platform.
The investment also drew interest from private European investors, such as Richard Thwaites, founder of Penso Power.
E3 Capital’s Andrew Darge praised Kofa for creating more than just a product, stating the company has built an entire ecosystem that enables efficient capital use and supports the broader adoption of clean energy.
The funding will allow Kofa to expand its operations in Ghana and Kenya, especially in urban centers.
It also supports the enhancement of its AI-powered battery management platform, which is capable of handling millions of batteries and delivering fast and dependable energy to motorcycles, homes, and small enterprises.
Founded in 2022, Kofa has made significant strides in clean energy access.
Its battery-swapping system now supports more than 200 daily swaps, with a 99% success rate and an average swap time of less than two minutes.
This solution helps users cut down on fuel expenses and maintain consistent business operations.
Kofa’s smart platform tracks battery use, forecasts energy needs, and enhances power distribution.
The company also collaborates with local manufacturers and partners like TailG to develop electric motorcycles suited for African markets.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Egypt-founded financial technology company Synapse Analytics has raised $13 million in Series A funding to expand its AI decisioning platform for regulated financial institutions across Africa, the Middle East, Latin America, and other international markets.
Egyptian healthtech startup Almouneer has raised $3.6 million in seed funding to develop and scale its DRU app, a platform for lifestyle and diabetes management.
South African investment firm Crossfin, known for its focus on financial technology, has announced a new investment in DigiSquad, a payments advisory company based in Johannesburg.
