Reed Hastings, a co-founder of Netflix, and Eric Schmidt, a former CEO of Alphabet, participated in a 27 million dollar funding round for an African solar irrigation firm, SunCulture, in Kenya.
In confirming the funding, Reed Hastings said that the two, together with other investors such as InfraCo Africa Ltd. and Acumen Fund Inc., gave $27 million to SunCulture, which is based in Nairobi, Kenya.
The company claims it provides small-scale farmers with solar-powered water pumps, which are subsidised by carbon credits, enabling them to replace diesel-powered pumps in certain situations and increase yields in previously unirrigated fields, according to a report published by Bloomberg on Wednesday.
In addition to having distribution agreements in Ethiopia, Zambia, and Togo, SunCulture operates in Kenya, Uganda, and the Ivory Coast.
The irrigation company cited Hastings as stating, “SunCulture helps farmers grow more food, which is exactly the kind of business that prospers.”
According to the company, only 4% of the 700 million Africans who work on small-holder farms have access to irrigation, which means their yields are much lower and they are more susceptible to dry spells.
According to information obtained by News.ng, SunCulture hopes to raise a total of $219 million to install 274,000 systems in Kenya alone, with the most recent Series B fundraising round earning $65 million.
This funding demonstrates the solar startup’s dedication to growing its influence and reach throughout Africa. It was acquired through a combination of grants, debt, equity, and carbon financing.
In addition, it intends to expand its activities throughout the continent, continuing experimental programmes in several nations.
The company added that it wants to broaden the range of services it provides to farmers by enabling other services like insurance and soil testing.
We earlier reported that Leading health and wellness firm, Herbalife, said that it is nearing completion on its previously disclosed $1.2 billion secured refinancing.