South African clean-tech startup, Plentify, has successfully concluded an oversubscribed funding round, securing investment from prominent African and North American venture capitalists.
This financial boost will fuel the company’s expansion within South Africa and lay the groundwork for its international operations.
Plentify specializes in developing innovative smart energy solutions that make clean and affordable electricity accessible to all.
The company has created a suite of products that optimize energy consumption in homes through advanced hardware, artificial intelligence, and user-centric design.
The startup’s technology seamlessly integrates with household appliances, enabling them to operate during periods of peak energy generation while minimizing consumption during times of strain.
This approach not only reduces electricity bills but also contributes to a more sustainable energy grid.
“Our solution addresses a critical challenge faced by countries worldwide: the imbalance between energy demand and clean energy supply,” said Jon Kornik, co-founder, and CEO of Plentify.
The funding round attracted participation from both existing and new investors, including Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital.
“Plentify’s groundbreaking technology has the potential to revolutionize the way we consume energy,” said Paras Patel, managing partner of E3 Capital. “We are thrilled to support a team that is committed to addressing pressing energy challenges through innovative and sustainable solutions.”
“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.
South African agri-tech company Khula has successfully raised $6.8 million in its ongoing Series A funding round, with backing from notable investors including Absa Bank and PepsiCo.
A landmark digital transformation initiative for Kenya has been announced, with Microsoft and UAE-based artificial intelligence (AI) leader G42 pledging an initial investment of $1 billion.
Complete Farmer, a Ghanaian agritech startup, has secured $10.4 million in pre-Series A funding to streamline its operations and expand its reach.
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