Earthbond, a Nigerian startup that helps small and medium-sized businesses (SMBs) go solar, has raised $200,000 in pre-seed funding from Madica, an Africa-focused investment firm.
The funding will help Earthbond expand its solar services to more businesses, offering a cleaner and more affordable energy option as Nigeria faces rising fuel prices.
Making Solar Power More Accessible
Founded in 2023 by Chidalu Onyenso, Earthbond connects businesses with solar power providers, including installers and loan options, to make adopting solar energy easier and more affordable.
Onyenso, a Harvard MBA and experienced product manager, is focused on replacing Nigeria’s costly off-grid generators with more sustainable solar solutions.
Since its launch, Earthbond has assessed the solar needs of over 100 businesses in Lagos, amounting to potential projects worth $1 million.
Additionally, over 1,800 businesses have joined its waitlist, showing the high demand for clean energy, especially after a 40% rise in fuel prices in September in Nigeria.
What This Funding Means For Earthbond
The new funding will allow Earthbond to onboard more businesses, boost its marketing efforts, and create better payment solutions.
The support from Madica includes an 18-month program featuring mentorship, executive coaching, and training to help the startup grow.
Earthbond has also partnered with four microfinance banks to offer flexible repayment plans of up to 48 months, making solar adoption more accessible without the burden of high upfront costs.
Incentives For A Greener Future
Looking ahead, Earthbond plans to do more than just provide solar energy solutions. It will also offer incentives for businesses to reduce their carbon footprint by giving discounts based on how much carbon they save.
This initiative is part of Earthbond’s strategy to encourage more businesses to adopt cleaner energy and reduce emissions.
“We are excited about this funding, which marks a major milestone for Earthbond,” said Chidalu Onyenso, CEO of Earthbond, according to Launch Base Africa.
“We look forward to the opportunities it will bring in making solar energy accessible to more businesses.”
Feature Image Credit: Earthbond
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