Rwandan, Zambian Startups secure funding from Opes-LCEF
Rwanda’s Munyax Eco and Zambia’s WidEnergy have both announced they secured funding from Opes-LCEF, a female-focused impact investor that provides investment, management, and technical support to enterprises that improve the lives of low-income people.
Opes-LCEF currently has a portfolio of 17 investments, operating across 11 countries, focused on addressing the issue of female underrepresentation in the renewable energy sector.
The LCEF movement is supported by the DOEN Foundation and the Good Energies Foundation. The trio has pulled their resources together to impact startups and businesses which have been impacted by COVID-19 or have come up with innovative solutions in response to the pandemic.
The funding to Munyax Eco and WidEnergy comes in the form of zero percent interest loans.
Munyax Eco is a Rwandan startup that installs solar water heaters and has done so for more than 1,200 B2B and B2C clients. It also deals with photovoltaic off-grid systems and solar street lights. The funding will help the company work through the COVID-19 crisis by financing inventories and expansion of product lines.
WidEnergy, meanwhile, provides last-mile clean energy solutions via a PAYG model, offering off-grid households access to solar-powered lights and appliances. Due to COVID-19, the company experienced a decrease in sales last year, and the Restart East Africa funds will be used towards extending its distribution network.