Bboxx Funding, Investors & Competitors
Bboxx has raised $161M across 10 funding rounds, most recently a $15M undisclosed-stage round in May 2022.
Last Bboxx funding round
$15M
Undisclosed stage · May 2022
Cumulative funding Bboxx raised
$161M
across 10 funding rounds
Key investors in Bboxx
DOEN Participaties
Bamboo Capital Partners
Khosla Impact
MacKinnon, Bennett & Company
Engie
Mitsubishi
Persistent
KawiSafi Ventures
About Bboxx
Bboxx is a London-headquartered company designing and distributing pay-as-you-go solar home systems across Africa. It serves over one million customers in Rwanda, Nigeria, Kenya, and Zambia with kits including lights, phone chargers, and appliances connected via mobile payments. Bboxx manufactures panels in China and operates service centers in 10 countries, achieving 95 percent uptime through IoT monitoring. The firm raised Series D funding in 2021 to scale mini-grids for rural electrification.
Founded
2010
HQ
LondonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Bboxx Funding History
Bboxx has raised a total of $161M across 10 funding rounds.
Bboxx's first fundraising round was a $2M Series A in November 2013. The most recent completed round was a $15M undisclosed-stage round in May 2022.
Bboxx funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2022 | Undisclosed stage | InfraCo Africa (lead) | $15M | Bboxx, an England-headquartered off-grid electric utility focused on Africa, raised $15 million from InfraCo Africa on May 12, 2022, via convertible loan notes to expand into existing and new markets across Sub-Saharan Africa. The funding supports delivery of clean, reliable, and affordable energy access to underserved communities using the Bboxx Pulse management platform. InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), made this its first investment in the solar home systems space to scale clean energy in rural areas. |
| Aug 2019 | Series D | Mitsubishi (lead); MacKinnon, Bennett & Company; DOEN Participaties; Engie; Bamboo Capital Partners | $50M | Bboxx is an off-grid energy solutions provider offering pay-as-you-go solar products and services across multiple markets in Africa and beyond. In 2019, the company expanded to 188,000 active customers across 11 markets by December, with 113,074 new Pulse Platform units added since January 2019. It secured additional debt of approximately $10.6 million to boost inventory and sales. The firm also achieved the largest crowd-funded debt raise in African solar history at €6 million via Trine. The specified funding round in August 2019 was a $50 million Series D led by Mitsubishi Corporation, with participation from Bamboo Capital Partners, DOEN Participaties, Engie, MacKinnon, Bennett & Company, matching the query details. The company focused on infrastructure expansion and operational partnerships to support future scaling in the off-grid solar market, which shows strong growth potential for electrifying millions. |
| Feb 2019 | Pre-seed | - | $7M | - |
| Jan 2019 | Undisclosed stage | African Infrastructure Investment Managers (lead) | $31M | Bboxx is a British next generation utility platform that designs, manufactures, distributes, and finances innovative plug-and-play solar systems for off-grid energy access across Africa and the developing world. The company's products are delivered on a pay-as-you-go basis via mobile money, enabling households, schools, and SMEs in rural and peri-urban regions to access affordable electricity. Prior to this investment, Bboxx had brought electricity to approximately 800,000 people across more than 35 countries, with 150,000 products sold and substantial operations in Rwanda, Kenya, Togo, the Democratic Republic of Congo, Nigeria, and Pakistan. In January 2019, Bboxx received a $31 million investment from African Infrastructure Investment Managers (AIIM) through its AIIF3 fund for a minority stake in Bboxx's operations in Rwanda, Kenya, and the DRC. AIIM is Africa's largest infrastructure-focused private equity fund manager, part of Old Mutual Alternative Investments, and manages $2.1 billion in assets across power, telecommunications, and transport sectors across 15 African countries. The investment aimed to enable Bboxx to install two million solar systems by 2022, bringing electricity to 10 million people in East and Central Africa. The funds would be deployed across Bboxx's distribution mix to support economic growth in these underserved communities by expanding access to clean, affordable electricity and creating new markets. This investment was part of a broader strategy, with Bboxx also entering a 50% joint venture with EDF International SAS in its Togo operations around the same time, and completing a Series D equity financing in August 2019 with investors including Mitsubishi Corporation. |
| Mar 2018 | Pre-seed | - | $1M | - |
| Aug 2016 | Series C | MacKinnon, Bennett & Company; KawiSafi Ventures; Khosla Impact; DOEN Participaties; Engie; Bamboo Capital Partners | $20M | BBOXX, a London-based global off-grid solar company founded in 2010, provides distributed solar energy platforms including pay-as-you-go solar systems, battery storage, lights, chargers, and appliances to off-grid areas primarily in sub-Saharan Africa. The company operates retail distribution networks and after-sales service centers, with significant presence in Kenya and Rwanda, where it was building operational headquarters in Kigali. By mid-2016, BBOXX had installed around 70,000 solar systems serving approximately 350,000 people across 35 countries and deployed systems at a rate of 10kWp of solar per day, the fastest in East Africa. It expected to electrify as many Rwandan homes as the national grid by end-2016, aligning with Rwanda's goal to meet 20% of electricity needs via off-grid solar. In August 2016, BBOXX closed a $20 million Series C funding round led by ENGIE Rassembleurs d’Energies, KawiSafi Ventures, and MacKinnon, Bennett & Company (MKB), with participation from existing investors Khosla Impact, Bamboo Capital Partners (also referred to as Bamboo Finance), and DOEN Participaties (also DOEN Foundation). This followed a $15 million raise in December 2015. The funds were allocated to expand retail networks and service centers in Kenya and Rwanda, accelerate product shipments, and launch franchises in new West African markets including Cameroon, Ivory Coast, and Nigeria. BBOXX pioneered innovations like Africa's first securitization model for residential off-grid solar in January 2016, aiming to raise up to $5 billion over five years to establish solar as an asset class. Investors highlighted BBOXX's data-powered technology platform for next-generation distributed utilities, emphasizing connected, renewable energy services with strong customer focus. The round marked the debut investment for KawiSafi Ventures, a $100 million fund targeting off-grid energy in Africa. |
| Apr 2016 | Undisclosed stage | - | $17M | Bboxx, a London-based provider of off-grid solar systems, raised $20 million in its Series C funding round in late August 2016 from a consortium of international backers. The company, founded in 2010, operated in sub-Saharan Africa, including Kenya and Rwanda, delivering distributed solar energy to off-grid areas. The funding supported expansion into West Africa, specifically Nigeria, Cameroon, and the Ivory Coast. |
| Dec 2015 | Series A | MacKinnon, Bennett & Company; Khosla Impact; DOEN Participaties; Synergy Energy; Bamboo Capital Partners | $15M | Bboxx, a British-based solar energy provider, secured approximately $15 million in a funding round around December 2015 to accelerate access to energy across Africa and the developing world. The round consisted of equity investments and debt funding, including a scalable working capital facility, contributed by investors such as DOEN Foundation, Bamboo Finance, Khosla Impact Fund, Synergy Energy, ENGIE Rassembleurs d’Energies, and MacKinnon, Bennett & Co. A portion included a $500,000 securitization deal with Oikocredit via Distributed Energy Asset Receivables (DEARs), the first of its kind in Africa, enabling Bboxx to realize income from its payment plan sales model up to three years earlier. This funding supported production of more solar home systems for households without grid electricity in key regions like Rwanda and Kenya. By late 2015, Bboxx had sold over 55,000 units. |
| Mar 2015 | Series B | DOEN Participaties; Bamboo Capital Partners | $3M | BBOXX, an off-grid solar product developer, raised $3 million in its Series B funding round in March 2015 from Bamboo Finance and the DOEN Foundation to expand in Sub-Saharan Africa, targeting electricity access for 20 million people by 2020. The company operates shops in rural Kenya, Uganda, and Rwanda, fitting the investors' focus on solar-based energy solutions for off-grid populations. Other investors in BBOXX include Khosla Impact, Ceniarth, and Synergy. A later funding round in December 2015 raised $15 million through equity and debt from investors including DOEN Foundation, Synergy Energy, Bamboo Finance, Ceniarth, Khosla Impact Fund, ENGIE Rassembleurs d'Energies, and MacKinnon, Bennett & Co. to scale solar systems in Africa, including a $500,000 securitization with Oikocredit. |
| Nov 2013 | Series A | Khosla Impact (lead); Persistent (lead); Synergy Growth | $2M | - |
Who has invested in Bboxx?
12 investors have backed Bboxx across its funding rounds, including DOEN Participaties, Bamboo Capital Partners, Khosla Impact, MacKinnon, Bennett & Company, Engie and Mitsubishi.
Lead investors include InfraCo Africa, Mitsubishi, African Infrastructure Investment Managers, Khosla Impact and Persistent.
Bboxx Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Amsterdam | 4 | Participant | Mar 2015 | |
 Luxembourg | 4 | Participant | Mar 2015 | |
 Montreal | 3 | Participant | Dec 2015 | |
 San Francisco, CA | 3 | Lead | Nov 2013 | |
 France | 2 | Participant | Aug 2016 | |
| London | 1 | Participant | Nov 2013 | |
| London | 1 | Lead | May 2022 | |
 Nairobi | 1 | Participant | Aug 2016 | |
 Cape Town | 1 | Lead | Jan 2019 | |
 Tokyo | 1 | Lead | Aug 2019 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Bboxx
Bboxx has acquired 1 company to date.
Last acquisition by Bboxx was on April 27th 2022. Bboxx acquired PEG Africa for $200M.
Latest Acquisitions by Bboxx
| Description | PEG Africa is a pay-as-you-go financing provider for off-grid solar home systems in West Africa. The company supplies solar products including lighting, phone chargers, radios, and televisions to households in Ghana, Cote d'Ivoire, and Senegal. |
| HQ Country |  |
| HQ City | Dakar |
| Deal Date | 27 Apr 2022 |
| Valuation | $200M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Bboxx acquisitions and their M&A valuation multiples. Start Free Trial | |
Bboxx Competitors
Bboxx competitors include listed companies like GE Vernova, Vestas, First Solar and Hyosung Heavy Industries, and private ones like Adani New Industries and Enpal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $38B | $3.2B | $246B | 5.4x | |
 Ahmedabad | Private | - | - | $50B | - | |
 Denmark | Publicly listed | $22B | $2.6B | $32B | 1.3x | |
| United States | Publicly listed | $5.2B | $2.1B | $22B | 4.0x | |
 South Korea | Publicly listed | $4.3B | $533M | $19B | 4.0x | |
 Berlin | Private | $1B | $24M | $2.5B | - |
Bboxx Public Comps
Bboxx is still privately-owned, but its public comps include GE Vernova, Iberdrola, Siemens Energy, China Yangtze Power, Constellation Energy, Bloom Energy, SLB, Baker Hughes, Vistra and Sandvik.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $45B | $4.5B | 2.7x | 2.4x | 27.3x | 16.1x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $2B | ($14M) | 40.9x | 23.7x | (5906.9x) | 112.5x | |||
| $36B | $7B | 2.4x | 2.4x | 12.5x | 10.6x | |||
| $28B | $4.3B | 2.0x | 2.0x | 13.3x | 11.3x | |||
This data is available for Pro users. Sign up to see all Bboxx competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Bboxx
| When was Bboxx founded? | Bboxx was founded in 2010. |
| Where is Bboxx headquartered? | Bboxx is headquartered in London, United Kingdom. |
| Is Bboxx publicly listed? | No, Bboxx is a private, VC-backed company. |
| How much funding has Bboxx raised? | Bboxx has raised $161M across 10 funding rounds. |
| What was Bboxx's last funding round? | Bboxx's last funding round was a $15M undisclosed-stage round in May 2022, led by InfraCo Africa. |
| Who are Bboxx's investors? | Bboxx's investors include DOEN Participaties, Bamboo Capital Partners, MacKinnon, Bennett & Company, Khosla Impact, Engie, Synergy Growth, InfraCo Africa, KawiSafi Ventures, African Infrastructure Investment Managers, Mitsubishi and 2 others. |
| Which companies are comparable to Bboxx? | Companies comparable to Bboxx include GE Vernova, Adani New Industries, Vestas, First Solar, Hyosung Heavy Industries and Enpal. |
| How many companies has Bboxx acquired? | Bboxx has acquired 1 company, including PEG Africa. |
| What was the largest acquisition by Bboxx? | The $200M acquisition of PEG Africa in April 2022 is the largest acquisition Bboxx has made to date. |
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