Netflix founder, Ex-Alphabet CEO back African solar irrigation startup
TLDR
- Billionaire co-founder of Netflix and former Alphabet CEO invest $27 million in SunCulture, a solar irrigation startup in Africa
- SunCulture provides solar-powered water pumps to small-scale farmers, boosting yields in non-irrigated fields
- SunCulture operates in multiple African countries, aiming to raise $219 million to expand solar irrigation systems
Billionaire co-founder of Netflix Inc., Reed Hastings, and former CEO of Alphabet Inc., Eric Schmidt, have joined a funding round for African solar irrigation startup, SunCulture.
Alongside investors like InfraCo Africa and Acumen Fund, they contributed $27 million to support SunCulture, based in Nairobi, Kenya. SunCulture focuses on providing small-scale farmers with solar-powered water pumps, subsidized through carbon credit sales. This enables farmers to replace diesel-powered pumps, boosting yields in previously non-irrigated fields.
Operating in Kenya, Uganda, and Ivory Coast, SunCulture also has distribution agreements in Ethiopia, Zambia, and Togo. It has raised over $65 million to provide rural farmers with solar-powered irrigation systems and plans to hit $219 million.
Key Takeaways
Africa, often dubbed the "Sun continent," boasts abundant sunlight, with more hours of bright sunlight than any other continent. Despite possessing 60% of the world's solar resources, Africa only has 1% of solar generation capacity, as per the International Energy Agency (IEA). The continent's untapped solar potential presents a significant opportunity for growth and development. Reed Hastings and Eric Schmidt's investment in African startups reflects a growing trend of high-net-worth individuals showing interest in the continent's entrepreneurial ecosystem. Notable examples include Microsoft billionaire Bill Gates and Amazon's Jeff Bezos investing in California-based mining unicorn KoBold, led by CEO Kurt House. Moreover, Africa's wealthiest individual, Aliko Dangote, along with other US billionaires, has collaborated to support a new $500 million fund focused on Africa, demonstrating the increasing attractiveness of African markets to global investors.
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