Kenyan climate-tech startup KOKO has secured an undisclosed amount of funding from Rand Merchant Bank (RMB).
KOKO addresses the demand for charcoal by supplying over 1.1 million homes with bioethanol cooking fuel distributed through a dense network of high-tech KOKO Fuel ATMs located in thousands of corner stores across urban Kenya.
The resulting carbon revenues are shared with households as a non-government energy subsidy, enabling even the poorest households to make the switch.
RMB, which has been the lead mandated arranger and financier for the innovative carbon financing solution, has now made a direct investment to further advance KOKO’s climate objectives.
We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa
Greg Murray, CEO and co-founder of KOKO.
“We’ve been looking for an entrepreneurial banking partner that understands Africa, climate markets, and technology. We are proud to embark on this long-term partnership with RMB to help accelerate the expansion of KOKO’s platform across Africa,” said Greg Murray, CEO and co-founder of KOKO.
Phil Norton, carbon finance lead at RMB, expressed pride in partnering with KOKO to support its continued rapid growth while bringing more affordable and lower emissions energy to millions of people in Africa.
“As a pan-African investment bank, this deal fits well within our ambition to build a market-leading carbon trading and finance business operating across Africa, serving both existing and new clients,” he said.
