LMD funding database

Below are the donors, investors and lenders who have provided various forms of finance to GDC members. If you know of others, let us know.

For more insights on this important topic, see The growth and fundraising journeys of LMDs and Last mile distribution capital continuum: trends, gaps and opportunities.

The GDC LMD Funding Database is supported by GET.invest, a European programme which aims to mobilise investment in decentralised renewable energy, supported by the European Union, Germany, Norway, the Netherlands, Sweden and Austria.

 

  • Key explanations and definitions: *Sector | **Investment Stage

    *Sector: Only sectors relevant to GDC activities are listed here, i.e., the sectors that GDC members are actively operating in.

    **Investment Stage:

    Pre-seed: capital to get companies off the ground, to fund pilots and develop a business’ proof of concept.

    Seed: capital for companies to fund market research, product development, employ a core team, and invest in distribution infrastructure. Companies start making sales and thus need some working capital finance too.

    Early growth: capital for companies that have developed a track record (an established user base, consistent revenue figures, or some other key performance indicator) and therefore need more substantial working capital loans to fund inventory and receivables, and equity to further optimize its user base and product offerings, and/or to scale the product across different markets.

    Accelerated growth: capital for companies to continue to grow and become market leaders and/or operate across markets. Working capital needs are substantial. They may continue to raise equity to fund growth and be able to raise more debt.

    Slower growth: capital for companies growing primarily based on their own profits as opposed to external equity injections. They still need increasing amounts of working capital finance.

Fund Name Type Size Investment Stage ** Sector * Geography Application Examples of GDC investees
Fund Name:
Acumen Fund
Type:
Patient capital (equity, quasi-equity or debt capital)
Size:
$250K - $3M
Investment Stage:
Seed- to early-stage social enterprises. Funding to enable social enterprises to validate assumptions, bring products and services to market, and begin to scale.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Africa, Asia, East Africa, Global, Latin America, North America, Sub-Saharan Africa, West Africa
Application:
Open (through referrals)
Examples of GDC investees:
Easy Solar, Frontier Markets, Solaris Off-grid, Simusolar, Tulaa
Fund Name:
AECF/REACT
Type:
Grants or repayable grants
Size:
$50K - $500K
Investment Stage:
Seed
Sector:
All, Improved cooking, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Several windows a year
Examples of GDC investees:
Inyenyeri, Vitalite Zambia, Zonful Energy
Fund Name:
ALIVE (Acumen LatAm Impact Ventures)
Type:
Equity or mezzanine financing
Size:
$500K - $5M
Investment Stage:
Early growth companies (series A)
Sector:
Agriculture, All, Improved cooking, Off-grid solar
Geography:
Latin America, with a focus on Colombia and Peru
Application:
Open
Examples of GDC investees:
Fund Name:
AlphaJiri fund (AlphaMundi)
Type:
Equity, Debt
Size:
$250K - $2M
Investment Stage:
Invest in emerging and established market leaders with annual sales of $500k to $10m
Sector:
Agriculture, All, Improved cooking, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Examples of GDC investees:
Fund Name:
ARAF (Acumen resilient agriculture fund)
Type:
Equity
Size:
$100K - $5M
Investment Stage:
Early and early-growth stage
Sector:
Agriculture, All
Geography:
Africa
Application:
Open
Examples of GDC investees:
Fund Name:
Beneficial Returns
Type:
Debt
Size:
$50K - $500K
Investment Stage:
Seed
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Latin America and South East Asia
Application:
Open
Examples of GDC investees:
Ecofiltro, Ilumexico, Sistema.bio, Nazava, ATEC*
Fund Name:
bettervest GmbH
Type:
Crowdfunded loans
Size:
$100K - $2.5M
€100k-2.5m
Investment Stage:
Early growth; Slower growth
Sector:
All, Improved cooking, Off-grid solar
Geography:
Borrower registered in Kenya, Nigeria, Senegal, Germany, Austria, Bulgaria, Singapore.
Application:
Open
Examples of GDC investees:
Vitalite Senegal, Bonergie, Bidhaa Sasa, WidEnergy Africa Ltd, Pawame
Fund Name:
Beyond Capital Fund
Type:
Early stage capital (equity and debt)
Size:
$25K - $200K
Investment Stage:
Seed. Post-revenue, defined business model, likely raising first professional capital round in conjunction with seeking grants or repayable loan funding.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
India and East Africa
Application:
Open
Examples of GDC investees:
Tulaa, Frontier Markets
Fund Name:
Charm Impact
Type:
Crowdfunded loans
Size:
$10K - $250K
Investment Stage:
Between pre-seed and series A. Invest in companies that have commercially viable models and some proof of concept but are yet to achieve scale. This funding will help grow and scale their businesses.
Sector:
All, Improved cooking, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
Solibrium
Fund Name:
Clean Cooking Alliance
Type:
Grants
Size:
$50K - $500K
Depends on the competition
Investment Stage:
Early growth, Pre-seed, Seed, Slower growth
Sector:
All, Improved cooking
Geography:
Global
Application:
Several windows a year
Examples of GDC investees:
Potential Energy, Bidhaa Sasa, UpEnergy, Livelyhoods
Fund Name:
Cordaid Investment Management (CIM) - West Africa Bright Future Fund
Type:
Capex and working capital loans
Size:
$535K - $2.14M
€500k-2m
Investment Stage:
Growth capital
Sector:
Agriculture, All, Improved cooking, Off-grid solar
Geography:
West Africa (Burkina Faso, Guinea, Mali, Guinea, Sierra Leone)
Application:
Open
Examples of GDC investees:
Energy+, Easy solar
Fund Name:
D-Prize
Type:
Grants
Size:
up to $20K
Investment Stage:
Invest in new ventures that distribute proven poverty interventions.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Bi-annual competition
Examples of GDC investees:
Altech, Mukuru Clean Stoves, Endurance Electric, Harness Energy, Deevabits Green Energy, Livelyhoods, Essmart
Fund Name:
DOEN Foundation
Type:
Grants and debt (convertible notes and equity also possible)
Size:
$25K - $250K
Investment Stage:
Give special attention to initiatives which are in a pilot and/or starting stage.
Sector:
All, Improved cooking, Off-grid solar
Geography:
East Africa (Kenya, Tanzania, Rwanda and Uganda) and India
Application:
Open
Examples of GDC investees:
Pollinate Group, Frontier Markets and Livelyhoods, Inyeneri, Jiro-Ve, Offgrid Box, Shine, Simusolar, Sistema.bio
Fund Name:
Drapers Richards Kaplan Foundation
Type:
Debt (unrestricted capital)
Size:
up to $300K
Investment Stage:
Invest in early-stage companies (often their first institutional investor, as well as their first “outside” board member)
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Open
Examples of GDC investees:
Solar Sister, Pollinate Group, Livelyhoods
Fund Name:
elea foundation
Type:
Grants, convertible grants and equity for early-stage companies
Size:
$50K - $500K
Investment Stage:
Mostly invest in early-stage companies (between pre seed and series A). After proof of concept, companies need to prove unit economics and clear path to profitability.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Open
Examples of GDC investees:
Essmart, ATEC
Fund Name:
ElectriFI
Type:
Debt and equity
Size:
$535K - $10.7M
€500k-10m
Investment Stage:
Invest in early-stage companies, but do not fund pilots nor provide seed funding. Any investment must be financially viable with a clear path to profitability.
Sector:
All, Off-grid solar
Geography:
Global
Application:
Regular calls
Examples of GDC investees:
Sistema.bio, Solarworks!
Fund Name:
Energise Africa
Type:
Crowdfunded loans
Size:
$1.5M - $10M
per year (tranche based)
Investment Stage:
Early growth; Accelerated growth
Sector:
All, Improved cooking, Off-grid solar
Geography:
Africa
Application:
Open
Examples of GDC investees:
Altech, Oolu, Simusolar, UpOwa, SolarWorks!
Fund Name:
Energy and Environment Partnership Southern & Eastern Africa (EEP)
Type:
Grants
Size:
$200K - $1M
Investment Stage:
Pre-seed, Seed
Sector:
All, Improved cooking, Off-grid solar
Geography:
Southern and East Africa
Application:
Annual calls (2020 now closed)
Examples of GDC investees:
Inyenyeri, Livelyhoods, Solarworks!, Vitalite Zambia, Mukuru Clean Stoves, Offgrid Box, Sistema.bio, Zonful Energy
Fund Name:
ENGIE Rassembleurs d'Energies Solidarity Investiment Fund
Type:
Equity (minority stake)
Size:
$100K - $1M
Minority stake
Investment Stage:
Early growth
Sector:
All, Improved cooking, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
Ilumexico, Frontier Markets, Sistema.bio, ATEC*
Fund Name:
Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI-OGEF)
Type:
Local currency loans to companies and SPVs
Size:
$2M - $10M
Investment Stage:
Early growth, Accelerated growth
Sector:
All, Off-grid solar
Geography:
Africa
Application:
Open
Examples of GDC investees:
Easy Solar
Fund Name:
Factor[e] ventures
Type:
Venture builders. Provide non-dilutive grant funding where appropriate, and help companies become investment-ready for the next rounds of equity funding by helping them build a “ventureable package.”
Size:
$250K - $750K
Investment Stage:
Equip early-stage companies with more than just capital. Hands-on at the seed stage and provide companies with unparalleled support to scale their businesses and impact.
Sector:
Agriculture, All, Improved cooking, Off-grid solar
Geography:
Emerging markets. Concentrated presence in East Africa and India
Application:
Open
Examples of GDC investees:
Sistema.bio
Fund Name:
FINCA Ventures
Type:
Equity or convertible notes
Size:
$100K - $500K
Investment Stage:
Seed / Series A investment, with additional capital reserved for follow-on.
Sector:
All
Geography:
Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
Fund Name:
Gaia Impact Fund
Type:
Equity
Size:
$150K - $500K
Investment Stage:
Early stage (Seed capital, series A-C), post successful pilot stage, companies that already have a core team.
Sector:
All, Improved cooking, Off-grid solar
Geography:
Global (sub-Saharan Africa preference)
Application:
Open
Examples of GDC investees:
Easy Solar, UpOwa, Solaris Off-grid, Oolu, Hybrid Social Solutions
Fund Name:
GrowFin Small and Growing Businesses Fund
Type:
Debt
Size:
$100K - $1.5M
Investment Stage:
Slower growth
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
South Africa, Zambia, Nigeria, Ghana, Ivory Coast, Senegal, Uganda, Tanzania, Kenya, Rwanda, Egypt, Iraq, Jordan and Oman
Application:
Open
Examples of GDC investees:
Fund Name:
I&P (Investisseurs et Partenaires)
Type:
Debt, Equity
Size:
$50K - $3M
Investment Stage:
Offer a continuum of investment ranging from several thousand euros to €3m. Employ a variety of finance instruments (minority equity or quasi-equity investments, seed financing, loans, etc.) according to the partner company’s size and maturity.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Sub-Saharan Africa (with a focus on West Africa, Indian Ocean, and Central Africa)
Application:
Open
Examples of GDC investees:
Jiro-Ve
Fund Name:
KawiSafi Ventures
Type:
Equity
Size:
$1M - $10M
Investment Stage:
Series A-C. High-growth, ready-to-scale companies with proven business models, growing revenues.
Sector:
All, Improved cooking, Off-grid solar
Geography:
East Africa
Application:
Open
Examples of GDC investees:
Sistema.bio
Fund Name:
Kiva
Type:
Crowdfunded loans
Size:
$1 - $500K
Investment Stage:
Seed, Slower growth
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Open
Examples of GDC investees:
Bidhaa Sasa, Solar Solutions PNG, Hydrologic Social Enterprise Co. Ltd, EcoGen, Livelyhoods, Ilumexico, Solubrite, ATEC*, Nazava, Vitalite, Zonful, Rent to Own, Soluz Honduras
Fund Name:
Lendahand
Type:
Crowdfunded loans
Size:
$1.5M - $5M
Tranche-based credit facility over 1 to 1.5 years, 100K-1M per tranche
Investment Stage:
Early growth, Accelerated growth
Sector:
Agriculture, All, Improved cooking, Off-grid solar
Geography:
Global
Application:
Open
Examples of GDC investees:
upOwa, SolarWorks!, Sistema.bio, Vitalite, Oolu, Simusolar, Altech
Fund Name:
MercyCorps Ventures
Type:
Early-stage equity (pre-seed or seed round)
Size:
up to $500K
Investment Stage:
Early-stage equity investment (pre-seed or seed round) in companies that have the potential to directly impacts tens of thousands of individuals
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
East Africa, West Africa, Latam or Southeast Asia
Application:
Open
Examples of GDC investees:
Fund Name:
Mulago Foundation
Type:
Grants, debt or equity
Size:
$100K - $1M
Investment Stage:
Provide unrestricted funding to early-stage organizations and organizations taking proven solutions to scale.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Source through their own network
Examples of GDC investees:
MyAgro, Proximity Designs
Fund Name:
Nexus for Development (Pioneer Facility)
Type:
Debt (uncollateralized)
Size:
$100K - $500K
Investment Stage:
Growth stage. Offer scale-up capital, via working capital or capex loans. Company completed pilots, has a business plan, and is ready to scale its activities.
Sector:
All, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Southeast Asia. Focus countries: Vietnam, Philippines, Indonesia, Cambodia, Laos
Application:
Open
Examples of GDC investees:
Fund Name:
Nithio FI
Type:
Receivables and inventory backed financing
Size:
$250K - $1M
Investment Stage:
Companies of all sizes looking to grow their operations
Sector:
All, Off-grid solar
Geography:
East Africa, Nigeria
Application:
Open
Examples of GDC investees:
Fund Name:
Oikocredit
Type:
Working capital, convertible loans, equity
Size:
$535K - $10.7M
€500k-10m
Investment Stage:
Early growth, Accelerated growth
Sector:
All, Improved cooking, Off-grid solar
Geography:
Global
Application:
Open
Examples of GDC investees:
Inyenyeri
Fund Name:
OPES-LCEF
Type:
Patient capital
Size:
$50K - $400K
Investment Stage:
Seed
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Predominantly East Africa and India
Application:
Open
Examples of GDC investees:
Sistema.bio, Nazava
Fund Name:
Persistent
Type:
Early stage equity / mezzanine debt
Size:
$50K - $500K
Also invests human capital alongside financial capital
Investment Stage:
Ideation to early growth stage. Typically seed and series A funding.
Sector:
All, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
Oolu Solar, Solarworks!, upOwa, Zonful Energy
Fund Name:
Renewable Energy Performance Platform (REPP)
Type:
Debt, Equity
Size:
$200K - $5M
Investment Stage:
Early growth, Seed
Sector:
All, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
UpOwa
Fund Name:
ResponsAbility Energy Access Fund
Type:
Debt
Size:
$500K - $3M
Investment Stage:
Early growth, Accelerated growth
Sector:
All, Off-grid solar
Geography:
Kenya, Uganda, Tanzania, Rwanda and other countries in Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
Fund Name:
Roddenberry Foundation Catalyst Fund
Type:
Grants
Size:
$2.5K - $15K
Investment Stage:
Small and/or early-stage ideas and projects that need a capital infusion to launch or prove viability. Catalyst awardees are typically piloting a program, venturing into new territory, on the cusp of launching, or pivoting in a new direction.
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Open
Examples of GDC investees:
Energy One Africa
Fund Name:
SEED
Type:
Grants for SEED awardees only
Size:
up to $25K
Investment Stage:
Invest in companies that have potential to scale-up and/or be replicated in other contexts, have intention and potential to become financially stable, are at early stages of implementation
Sector:
Agriculture, All, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Ghana, India, Indonesia, Malawi, South Africa, Thailand, Uganda, Zambia and Zimbabwe
Application:
Annual awards scheme
Examples of GDC investees:
Green Impact Technologies, SPOUTS of Water, Kukula Solar, Pollinate Group, Solar Sister, Natfort Energy, Sunny Money
Fund Name:
Segal Family Foundation
Type:
Grants (for non-profit organizations) and debt or equity (for early-stage social enterprises)
Size:
$15K - $1M
$15K (average grant)
Investment Stage:
Pre-seed, Seed
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Africa (mostly East Africa)
Application:
Open
Examples of GDC investees:
Livelyhoods, Vitalite, Simusolar
Fund Name:
SIMA Angaza Distributor Finance Fund
Type:
Loans for users of Angaza platform
Size:
$100K - $500K
Investment Stage:
Seed, Slower growth
Sector:
All, Off-grid solar
Geography:
Global
Application:
Open
Examples of GDC investees:
Altech Group, Deevabits Green Energy, Easy Solar
Fund Name:
SocialAlpha-Bastion fund (AlphaMundi)
Type:
Equity, debt
Size:
$250K - $2M
Investment Stage:
Invest in emerging and established market leaders with annual sales of $500k to $10m
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Latin America and East Africa
Application:
Examples of GDC investees:
Fund Name:
SPARK+ Africa
Type:
Debt and mezzanine capital for early-stage post-revenue companies
Size:
$500K - $7M
Investment Stage:
Early to late stage of growth (series A to series D). Unable to invest at a seed round stage / in a start-up. Post-revenue with demonstrated proof-of-concept. Companies that have commercialized their product or service and have traction in their market(s). 
Sector:
All, Improved cooking, Off-grid solar
Geography:
Africa
Application:
Open
Examples of GDC investees:
Fund Name:
SunFunder
Type:
Debt
Size:
$250K - $5M
Investment Stage:
Accelerated growth, Early growth
Sector:
All, Off-grid solar
Geography:
Sub-Saharan Africa and India
Application:
Open
Examples of GDC investees:
SolarWorks!
Fund Name:
Trine
Type:
Debt
Size:
$100K - $10M
Framework agreements of €1K minimum, broken down into tranches of €100K-750K)
Investment Stage:
Accelerated growth, Early growth
Sector:
All, Off-grid solar
Geography:
Sub-Saharan Africa, Latin America and Southeast Asia
Application:
Open
Examples of GDC investees:
Yellow solar, Vitalite
Fund Name:
Triple Jump (Energy Entrepreneurs Growth Fund, EEGF)
Type:
Mezzanine, equity and debt for early and growth-stage companies
Size:
$100K - $10M
Investment Stage:
Provide catalytic financing for early and growth-stage companies (series A-C). Bridge towards bringing in commercial scale-up investors.
Sector:
All, Off-grid solar
Geography:
Sub-Saharan Africa
Application:
Open
Examples of GDC investees:
Fund Name:
USADF
Type:
Grants
Size:
up to $250K
Investment Stage:
Provide seed capital and full technical assistance to develop grassroots enterprises, such as cooperatives, and entrepreneurs from start-up to scale up.
Sector:
Agriculture, All, Improved cooking, Off-grid solar
Geography:
Africa
Application:
Several windows a year
Examples of GDC investees:
Sky Power, Ecobora, M&NDA Company, Natfort Energy
Fund Name:
USAID Development Innovation Ventures
Type:
Grants
Size:
$100K - $5M
Investment Stage:
Fund different stages of growth: Stage 1 grants: pilot (up to $200k); stage 2 grants: test and position for scale (up to $1.5m); stage 3 grants: transition to scale (up to $15m)
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Global
Application:
Open
Examples of GDC investees:
Essmart, Elephant Energy, Tulaa, Nafa Naana, Potential Energy and Solar Sister
Fund Name:
VentureBuilder
Type:
Early stage capital (equity and quasi equity)
Size:
$50K - $500K
Early stage capital
Investment Stage:
Seed
Sector:
All, Off-grid solar
Geography:
Africa
Application:
Examples of GDC investees:
Energy+
Fund Name:
Wajenzi
Type:
Crowdfunded equity investments for early-stage (post proof of concept)
Size:
$50K - $250K
Investment Stage:
Seed
Sector:
Agriculture, All, Health, Improved cooking, Off-grid solar, Water & sanitation and hygiene (WASH)
Geography:
Africa
Application:
Open
Examples of GDC investees: