Mauritian-headquartered conglomerate IBL Group has invested in Qotto, a solar-kits provider with operations in Burkina Faso and Benin as part of the company’s series A round. Other investors were Off-Grid Energy Access Fund (FEI-OGEF), Cordaid and existing investors.
The startup raised USD 8mn, the proceeds of which it will use to grow in existing markets as well as expand into Ivory Coast as early as next month. It also has plans to expand into East Africa, aligning with IBL’s plans to grow in the region.
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The company was established in 2016.