PayGo is an energy distribution service based in Nairobi whose aim is to provide liquid petroleum gas (LPG) to homes everywhere through their innovative smart metering system and pay-as-you-go-technology.
PayGo’s mission is to unlock clean energy for the next billion, by revolutionizing the distribution of cooking gas.
The smart metering system monitors the gas levels in the cylinder and predicts when the gas is going to run out. When the cylinder is about to run out, the smart meter notifies the company and an agent will come to refill your gas cylinder.
The system works in such a way that you only pay for what you need, thus the term “pay-as-you-go”. This means that although the cylinder will be in your possession, you do not own it. You will be required to pay to activate the cylinder. So if you pay Ksh.200 you get gas worth 200 bob automatically.
Back to the story now, PayGo has managed to raise $1.3 Million is series seed debt and equity financing. PayGo Energy’s investors include Novastar Ventures, Energy Access Ventures, Village Capital, Global Innovation Fund, and Global Partnerships/Eleos Social Venture Fund.
The investment will finance the expansion of Paygo Energy’s customer base in Nairobi, the development of its software platform and next generation smart meter, as well as the growth of Paygo Energy’s team.
“A billion households are forced to cook with dirty fuels everyday, which is not only a serious development challenge, but also a significant market opportunity. This financing will allow us to invest deeply in our technology, build a service that our customers love and prepare for commercial roll-out.” Said Nick Quintong, PayGo CEO.
