MPower raises EUR 1.5 million to boost the energy transition in emerging markets

The cleantech startup MPower, which was recently chosen to join the Venture Leaders Mobile 2023, has announced the first closing of its pre-series A round, raising funds from new and follow-up investors. The startup also launched a successful crowdfunding campaign.

MPower is revolutionizing energy access in developing countries by providing small and medium-scale solar energy infrastructure using a B2B model that combines hardware, software, and financing solutions. Its decentralized, high-quality plug-and-play solar devices and energy-efficient household and income-generating appliances provide electricity to lower- and middle-income households, SMEs, and farmers across the African continent. The company also offers a financing model to partners and their end-users and in-house software solutions to help distributors optimize their operations.

The startup has now secured equity funding of around EUR 1.5 million from new and existing investors as part of its pre-series A round. The startup also launched a crowd equity campaign on Seedrs. With 24 days to go, the company has already reached 124% of its funding goal, garnering over EUR 680,000 from 347 investors within a week.

"We are solving inventory finance and quality issues in a young sector," said COO Michael Eschmann to Venturelab ahead of the Venture Leaders Mobile roadshow. "MPower targets to capture 18 million by 2026 in a multi-billion market."

Lack of (reliable) access to the electrical grid affects the life quality of hundreds of millions in Sub-Saharan Africa. Although solar and storage technologies have become the preferred power source, there are many challenges that hamper the market's growth. MPower is addressing precisely those challenges.

In addition to the startup's presence in Zambia, Togo, Cameroon, and Namibia, the company also started operations in Ghana at the end of last year, increasing its team to 36 people. The expansion and soaring demand have resulted in the deployment of more than 30,000 units through more than 20 distribution partners. MPower has delivered electricity to more than 50,000 Africans living in hard-to-reach and peri-urban areas.

COO Michael Eschmann will join the Venture Leaders Mobile roadshow in Barcelona at the end of the month, where top Swiss connectivity startups will meet investors and industry experts to boost their international growth.


MPower COO and co-founder Michael Eschmann