Gridworks Partners Funding, Investors & Competitors

Gridworks Partners has raised $118M across 5 funding rounds, most recently a $10M Series A in June 2023.

Last Gridworks Partners funding round

$10M

Series A · Jun 2023

Cumulative funding Gridworks Partners raised

$118M

across 5 funding rounds

Key investors in Gridworks Partners

  • British International Investment

Gridworks Partners Overview

About Gridworks Partners

Gridworks Partners is a London-headquartered investment platform focused on equity stakes in African transmission, distribution, and off-grid power projects. Wholly owned by CDC Group, the UK's development finance institution, it develops and funds infrastructure like the 138MW diesel-hybrid mini-grid in Sierra Leone and solar plants in Zambia. Gridworks partners with utilities, governments, and private firms to deliver reliable electricity access across sub-Saharan Africa.


Founded

2019

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B

Revenue model

Investment management

Gridworks Partners Funding History

Gridworks Partners has raised a total of $118M across 5 funding rounds.

Gridworks Partners' first fundraising round was a $12M Series A in June 2019. The most recent completed round was a $10M Series A in June 2023.

Gridworks Partners funding rounds

Gridworks Partners funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2023Series ABritish International Investment$10MGridworks Development Partners LLP is a development and investment platform wholly owned and supported by British International Investment (BII), the UK Government's development finance institution. Established in 2019, Gridworks makes equity investments in transmission, distribution, and distributed renewable energy infrastructure across Africa, operating both on-grid and off-grid electricity networks. The platform was created to address a critical gap in the African power sector, where McKinsey estimated in 2019 that $345 billion of investment would be needed in electricity infrastructure. BII recognized that early-stage project development and structuring of investible opportunities in African electricity networks required a specialized, well-capitalized investor, and Gridworks was designed to fill that role through partnerships with governments, utilities, and companies. Gridworks is not a venture-backed company seeking external funding; rather, it is a BII-established investment vehicle that itself makes investments in African power infrastructure projects. As such, it does not have publicly disclosed post-money valuations, revenue figures, or traditional venture funding rounds comparable to startup investments.
Mar 2022Undisclosed stageBritish International Investment$43MGridworks Development Partners is a development and investment platform targeting equity investments in transmission, distribution, and off-grid electricity infrastructure in Africa. Backed by British International Investment (BII), the UK’s development finance institution, Gridworks develops and invests in critical power infrastructure, including utility concessions, public-private partnerships, transmission projects, minigrids, private industrial networks, and utility services companies. It partners with developers, governments, multilateral banks, and other investors to accelerate investment in the African energy sector. Around early 2022, BII committed over £300 million (initially $320 million, with plans for up to a further $400 million over several years) to Gridworks as part of its platform investments addressing specific impact opportunities in electricity networks. This funding aims to unlock, develop, and invest in on- and off-grid critical electricity network infrastructure across Africa. Gridworks is highlighted in BII's 2022-2026 technical strategy alongside other platforms like MedAccess and Globeleq for market-building in impact areas such as climate finance. Gridworks supports BII's goals of mobilizing private capital, climate action, and gender-lens finance, targeting 25% of new investments under the 2X Challenge.
Jan 2021Undisclosed stageBritish International Investment$48MGridworks Partners (also referred to as Gridworks Development Partners) is a development and investment platform targeting equity investments in transmission, distribution, and off-grid electricity infrastructure in Africa. Backed by CDC Group (now British International Investment or BII), the UK Government's development finance institution, Gridworks develops and invests in critical electricity network projects, partnering with governments, utilities, and companies in the power sector to deliver reliable, affordable, and clean power. With over £300m of capital from CDC Group, it aims to unlock and execute infrastructure projects, including a pipeline of investments developed over prior years. Specific investments highlighted include equity funding of approximately US$7.2 million (converted from Rand) provided by Gridworks to SPS in December 2019. SPS focuses on solar power technologies with battery storage for business clients, enabling market expansion across Africa, reduced carbon emissions, and demonstration of distributed renewable energy viability for commercial and industrial customers, who represent 70% of Africa's energy demand. Another project involves an initial investment of at least US$100 million across three sites, funded by equity from a consortium, debt from development finance institutions (DFIs), and grants. BII (formerly CDC/BII) reported record commitments in 2021, including £1.87-1.9 billion in new investments, with £479 million in climate finance, primarily in Africa (72%) and Asia (27%). However, no sources detail a specific 2021 funding round for Gridworks Partners involving BII around January 2021, nor provide round size of $47.7 million, valuation, revenue, ARR, or EBITDA metrics. Gridworks is positioned to expand its team and pipeline execution amid BII's focus on infrastructure and climate investments.
Jul 2020Series ABritish International Investment$6MGridworks Partners is a development and investment platform established by British International Investment (BII) in 2019 to make equity investments in transmission, distribution, and distributed renewable energy infrastructure in Africa. Wholly owned by BII, the UK Government’s development finance institution, Gridworks develops and invests in critical power infrastructure, both on and off-grid, partnering with governments, utilities, and companies in the African power sector. BII recognized the need for active, early-stage project development in African electricity networks, including T&D and off-grid infrastructure, due to the long and costly period required to structure investible opportunities. As of 31 December 2020, BII had investments valued at £71.3 million in Gridworks Development Partners LLP.
Jun 2019Series ABritish International Investment$12MGridworks Development Partners is a development and investment platform targeting equity investments in transmission, distribution, and off-grid electricity in Africa. It was established in early 2019 as a dedicated platform to address the need for $345 billion in power transmission and distribution investment by 2040. Gridworks is owned and funded by British International Investment (BII), the UK's development finance institution. In June 2019, BII committed $11.78 million to Gridworks Development Partners LLP in the infrastructure sector across East Africa and Southern Africa. The investment supports Gridworks as a developer, long-term investor, and partner to governments, utilities, and companies in the power sector, with over £300 million of capital from BII aimed at unlocking critical electricity network infrastructure. Gridworks focuses on financially viable insolvent utilities, replicable business models, and mobilizing private capital. Gridworks' activities seek to increase network capacity, fund operational improvements, and expand electricity access in under-invested African sectors. For example, in December 2019, it provided equity funding of approximately US$7.2 million to SPS, a solar power technologies provider, to expand distributed renewable energy for commercial and industrial customers.

Who has invested in Gridworks Partners?

1 investor has backed Gridworks Partners across its funding rounds, including British International Investment.


Gridworks Partners Investors

Investors in Gridworks Partners by funding rounds participated
InvestorHQRoundsRoleFirst check

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Investments by Gridworks Partners

Gridworks Partners has invested in 2 companies to date.

Latest investment by Gridworks Partners was on December 20th 2022. Gridworks Partners invested in Virunga Power in their $50M Undisclosed stage round.


Latest Investments by Gridworks Partners

Virunga Power
Mettle.net
Description
Virunga Power develops and operates renewable energy microgrids in eastern Democratic Republic of Congo and Rwanda. The company runs six hydroelectric plants near Virunga National Park with total capacity exceeding 13 megawatts, supplying electricity to over 100,000 residents and businesses in Goma, Rutshuru, and other rural areas. Established in 2014 as a joint venture with the Virunga Foundation and local investors, it manages distribution networks across North Kivu province and focuses on solar-hybrid systems for remote communities lacking grid access.
Mettle.net is a financial services company founded in 1995. The firm develops specialized financial solutions for international corporates, small and medium enterprises, and individuals. Based in South Africa, Mettle.net applies innovative approaches to investments and client advisory across diverse portfolios.
HQ CountryGermanySouth Africa
HQ City
Munich
Cape Town
Deal Date20 Dec 20223 Jul 2019
RoundUndisclosed stageSeries A
Raised$50M$8M
Investors--
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Gridworks Partners Competitors

Gridworks Partners competitors include listed companies like Enbridge, Williams Companies, Enterprise Products and Energy Transfer, and private ones like Saudi Tabreed and TenneT Germany.

Public and private companies comparable to Gridworks Partners
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EnbridgeCanadaCanadaPublicly listed$47B$15B$109B3.6x
Williams CompaniesUnited StatesUnited StatesPublicly listed$12B$7.4B$88B9.8x
Enterprise ProductsUnited StatesUnited StatesPublicly listed$53B$9.6B$83B1.9x
Energy TransferUnited StatesUnited StatesPublicly listed$86B$15B$72B1.5x
Saudi TabreedSaudi ArabiaDammamPrivate--$833M-
TenneT GermanyGermanyBayreuthPrivate--$46B-

Gridworks Partners Public Comps

Gridworks Partners is still privately-owned, but its public comps include GE Vernova, SoftBank Group, Reliance Industries, BlackRock, Siemens Energy, Investor AB, Enbridge, Blackstone, Quanta Services and KKR.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
SoftBank Group$50B$6.7B7.3x7.0x54.7x9.2x
Reliance Industries$110B$20B1.9x1.7x10.4x10.3x
BlackRock$24B$8.8B7.1x6.2x19.4x14.0x
Siemens Energy$45B$4.5B2.7x2.4x27.3x16.1x
Investor AB$23B-6.0x19.4x--
Enbridge$47B$15B4.2x3.6x13.3x13.3x
Blackstone$15B$7.7B8.4x8.9x16.3x14.6x

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Common questions about Gridworks Partners

When was Gridworks Partners founded?Gridworks Partners was founded in 2019.
Where is Gridworks Partners headquartered?Gridworks Partners is headquartered in London, United Kingdom.
Is Gridworks Partners publicly listed?No, Gridworks Partners is a private, VC-backed company.
How much funding has Gridworks Partners raised?Gridworks Partners has raised $118M across 5 funding rounds.
What was Gridworks Partners' last funding round?Gridworks Partners' last funding round was a $10M Series A in June 2023.
Who are Gridworks Partners' investors?Gridworks Partners' investors include British International Investment.
Which companies are comparable to Gridworks Partners?Companies comparable to Gridworks Partners include Enbridge, Williams Companies, Enterprise Products, Energy Transfer, Saudi Tabreed and TenneT Germany.
How many companies has Gridworks Partners invested in?Gridworks Partners has invested in 2 companies, including Virunga Power and Mettle.net.
What was Gridworks Partners' last investment?In December 2022, Gridworks Partners invested in Virunga Power's $50M undisclosed-stage round.

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