Kenya-based start-up SunCulture raises Ksh.3.6B backed by Netflix founder, ex-Google chief

SunCulture, a Kenya-based start-up providing solar-powered irrigation solutions and agricultural technology to smallholder farmers in Africa, has raised $27.5 million (Ksh.3.6 billion) in a Series B round.

Co-founded in 2012 by Samir Ibrahim and Charles Nichols, the venture provides solar-powered irrigation systems comprising a panel, battery and water pump to farmers under an instalment repayment model.

The funding round saw the participation of Reed Hastings, the co-founder of US video-streaming company Netflix; Eric Schmidt, the former CEO of Google parent Alphabet Inc., through his Schmidt Family Foundation; InfraCo Africa Limited; and Acumen Fund, among other investors.

SunCulture said the new funding will go towards expanding its irrigation systems to farmers across the continent.

The start-up currently operates in Kenya, Uganda and Ivory Coast. It also has distribution agreements in Ethiopia, Zambia and Togo.

Bloomberg reports that the start-up’s Series B round brings to $65 million (Ksh.8.5 billion) the total funding SunCullture has raised since its inception.

The company says it aims to raise $219 million from equity, debt, grants and carbon financing to install 274,000 of its systems in Kenya.

SunCulture has previously said the cost of its solar irrigation systems is subsidised by the sale of carbon credits.

The start-up says it also seeks to venture into other agricultural products such as soil tests and insurance.

($1 = Ksh.131.25)