SA climatetech startup Plentify closes new round to drive growth
TLDR
- South African climate-tech startup Plentify closes oversubscribed funding round for growth and international expansion.
- Plentify aims to provide affordable, reliable, and clean electricity through advanced technology and user-centric design.
- Investment round supported by top African and North American venture investors, including Third Sphere and TELUS Pollinator Fund for Good.
South African climate-tech startup Plentify has closed an oversubscribed funding round, the amount of which remains undisclosed, from top African and North American venture investors to support its growth in South Africa and initiate international expansion.
Plentify is a smart energy company that aims to make affordable, reliable, and clean electricity accessible to everyone by integrating advanced hardware, artificial intelligence, and user-centric design.
The investment round included a mix of existing and new investors, such as Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital. This capital injection will enable Plentify to accelerate its impressive growth trajectory further.
Key Takeaways
In Africa, there is a growing preference for cleaner solutions among the populace, with Africans displaying a strong inclination towards green technologies such as solar-PV and electric vehicles. This trend is particularly noticeable in countries like Kenya, Nigeria, South Africa, Egypt, and some Maghreb states. Despite a 22% decline in the overall funding amount for the climate tech sector between 2022 and 2023 (falling from $1.6 billion to $1.2 billion), Partech Africa trackers indicate a modest increase in the number of debt deals – rising from 71 in 2022 to 74 in 2023. This suggests a continued resilience and attractiveness of the climate tech sector, reflecting a sustained commitment to sustainable solutions in the face of evolving market dynamics.
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