Zola Electric Valuation, Funding & Investors

Zola Electric is valued at $180M as of September 2021.

Last Zola Electric valuation

$180M

Undisclosed stage · Sep 2021

Last Zola Electric funding round

$45M

Undisclosed stage · Sep 2021

Cumulative funding Zola Electric raised

$158M

across 6 funding rounds

Key investors in Zola Electric

  • Vulcan Capital
  • DBL Partners
  • Helios Fairfax Partners
  • Omidyar Network
  • TotalEnergies Ventures
  • E3 Capital

Zola Electric Overview

About Zola Electric

Zola Electric is a renewable energy company that engineers solar power systems integrated with batteries and power electronics for off-grid applications. Its PAYGo model allows customers in Tanzania, Rwanda, Côte d’Ivoire, and Ghana to acquire systems via micro-finance leasing paid through mobile money. Backed by investors such as Tesla, Vulcan Capital, DBL Partners, Helios Investment Partners, EDF, Total, and GE Ventures, Zola Electric earned the UN Momentum for Change Award, Zayed Future Energy Prize, and Global Cleantech 100 recognition.


Founded

2011

HQ

NetherlandsAmsterdam

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Valuation

$180M (Sep 2021)

Zola Electric Valuation

Zola Electric is currently valued at $180M, based on its undisclosed-stage round in September 2021. Read the announcement ↗

The $45M round was led by TotalEnergies Ventures, with participation from DBL Partners, Paul Allen, Lyndon Rive, Peter Rive, Helios Fairfax Partners and 1 other investor.

Zola Electric valuation by funding round

Zola Electric valuation by funding round
DateStageValuation
Sep 2021Undisclosed stage$180M

Zola Electric Funding History

Zola Electric has raised a total of $158M across 6 funding rounds.

Zola Electric's first fundraising round was a $7M Series A in March 2014. The most recent completed round was a $45M undisclosed-stage round in September 2021.

Zola Electric funding rounds

Zola Electric funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Undisclosed stageTotalEnergies Ventures (lead); DBL Partners; Paul Allen; Lyndon Rive; Peter Rive; Helios Fairfax Partners; Vulcan Capital$45M$180MZola Electric, an Amsterdam-based renewable energy technology company founded in 2011 by Erica Mackey, Xavier Helgesen, and Joshua Pierce, develops intelligent batteries and SAAS software called Vision to deliver distributed clean digital energy solutions for homes and businesses in emerging markets lacking reliable power. The company's products integrate with any energy source including grid, solar, and batteries, powering various loads while providing data, analytics, and control. On September 23, 2021, Zola Electric closed a $90 million capital raise comprising $45 million in equity and $45 million in debt, matching the specified Series E round led by TotalEnergies Ventures with participation from DBL Partners, Helios Investment Partners (also referred to as Helios Fairfax Partners), Vulcan Capital (Paul Allen's investment arm), Lyndon Rive, Peter Rive, and Electron Capital Partners. Debt was provided by FMO and SunFunder. At the time, Zola Electric served approximately 1.5 million users across more than 10 countries, primarily in Africa (Côte d’Ivoire, Ghana, Namibia, DRC, South Africa, Zambia, Nigeria), with recent expansion to Asia and South America, reaching over 300,000 households and businesses. Products are distributed through integrators like EDF, Shell, Econet/DPA, and Blue Camel. The funding aims to develop next-generation hardware and software, scale commercial efforts, improve product development including the Infinity product as an alternative to unreliable diesel generators and lead-acid batteries, and enter new markets. TotalEnergies Ventures highlighted Zola's role in renewable solutions for emerging markets toward a low-carbon future.
Jan 2018Series DGE Ventures (lead); Helios Fairfax Partners (lead); DBL Partners; Électricité de France; TESLA; Vulcan Capital; TotalEnergies Ventures; E3 Capital$55M-Zola Electric (formerly Off-Grid Electric) is a renewable energy technology company providing intelligent batteries and digital energy solutions for homes and businesses in emerging markets, particularly Africa, Asia, and Latin America, integrated with grid, solar, or other sources and managed via SaaS software Vision. The company raised a $55 million Series D equity round in 2018, with investors including GE Ventures and Helios Fairfax Partners (now Helios Investment Partners). This round preceded a $90 million raise in September 2021 ($45M equity led by TotalEnergies Ventures, DBL Partners, Helios, Vulcan Capital; $45M debt from FMO, SunFunder) to scale technology and enter new markets, and overall funding exceeded $230M in debt and equity by 2021. By 2021, Zola served 1.5 million users across 10+ countries.
Aug 2016Series DHelios Fairfax Partners (lead)$10M-Zola Electric, originally Off-Grid Electric, provides solar-powered electricity solutions to residential and business customers in areas with unreliable or non-existent grid power. In August 2016, Helios Investment Partners invested $10 million in the company. The investment falls under clean energy and power in the private equity strategy.
Oct 2015Series CDBL Partners (lead); Aster; Vulcan Capital; Omidyar Network; E3 Capital; Western Technology Investment; Serious Change$25M-DBL Partners led a $25 million Series C round in Off-Grid Electric, now Zola Electric, in October 2015, with participation from Omidyar Network, Serious Change, Western Technology Investment, Vulcan Capital and Tope Lawani. The company described it as the largest venture capital funding for distributed energy in Africa. Nancy Pfund, founder and managing partner of DBL, joined the board in connection with the round. Existing backers included Vulcan Capital, Omidyar Network and Serious Change from the earlier Series A and B rounds, which had brought total funding to about $48 million. The money was to expand the pre-paid solar leasing model in Tanzania, where the company was installing solar systems in more than 10,000 homes and businesses per month. Off-Grid Electric was founded in 2011, operates in Tanzania with a California base, and offers households earning as little as $1 per day a solar lease rather than a purchase. It later rebranded as Zola Electric.
Dec 2014Series BZouk Capital (lead); SolarCity (lead); Vulcan Capital; International Finance Corporation$16M-Off Grid Electric, which later rebranded as Zola Electric, raised $16 million in a growth round in December 2014 led by SolarCity and Zouk Capital, with Vulcan Capital participating in what was its second investment in the company. The round followed a $7 million first round in March 2014 from Vulcan Capital, Omidyar Network and SolarCity. The company was founded in 2011 by Erica Mackey, Joshua Pierce and Xavier Helgesen and provides off-grid solar energy to rural households in Tanzania and elsewhere in sub-Saharan Africa. At the time of the funding it had about 25,000 customers and aimed to reach 100,000. The capital was intended to expand its installation workforce and improve its hardware and software, building on a pre-paid solar model similar to mobile phone financing in Africa.
Mar 2014Series AOmidyar Network (lead); SolarCity (lead); Vulcan Capital$7M-Vulcan Capital, SolarCity and Omidyar Network led a USD 7 million financing round in Off-Grid Electric, now known as Zola Electric, in March 2014. The round was reported as a Series A and also included existing backers such as Jasmine Investments, Givia, the Segal Family Foundation and the Mulago Foundation, alongside grants and loans from the Africa Enterprise Challenge Fund and the Energy and Environment Partnership for Southern and Eastern Africa. SolarCity chief executive Lyndon Rive and Vulcan's Steve Hall agreed to join the company's board. Off-Grid Electric sells solar power as a service to households in emerging markets, with the aim of replacing kerosene lamps. At the time of the round it operated through its M-Power energy hub in Tanzania, where customers paid a minimum of about USD 5 a month, prepaying weekly by mobile phone, and roughly 10,000 households had signed up. The company was co-founded by Xavier Helgesen, Erica Mackey and Joshua Pierce, who met at Oxford University, and was based in Arusha, Tanzania. It later became Zola Electric, headquartered in the Netherlands.

Who has invested in Zola Electric?

18 investors have backed Zola Electric across its funding rounds, including Vulcan Capital, DBL Partners, Helios Fairfax Partners, Omidyar Network, TotalEnergies Ventures and E3 Capital.

Lead investors include TotalEnergies Ventures, GE Ventures, Helios Fairfax Partners, DBL Partners, Zouk Capital and 2 other investors.


Zola Electric Investors

Investors in Zola Electric by funding rounds participated
InvestorHQRoundsRoleFirst check
Vulcan CapitalUnited StatesSeattle, WA5ParticipantMar 2014
DBL PartnersUnited StatesSan Francisco, CA3LeadOct 2015
Helios Fairfax PartnersCanadaLondon3LeadAug 2016
SolarCityUnited StatesSan Francisco, CA2LeadMar 2014
Omidyar NetworkUnited StatesSan Francisco, CA2LeadMar 2014
TotalEnergies VenturesFranceParis2LeadJan 2018
E3 CapitalFranceParis2ParticipantOct 2015
Zouk CapitalUnited KingdomLondon1LeadDec 2014
AsterFranceParis1ParticipantOct 2015
Électricité de FranceFranceParis1ParticipantJan 2018
Paul AllenUnited StatesSeattle, WA1ParticipantSep 2021
Lyndon RiveUnited StatesSan Francisco, CA1ParticipantSep 2021
TESLAUnited StatesRichmond, VA1ParticipantJan 2018

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Zola Electric Competitors

Zola Electric competitors include listed companies like LGI Ltd., Galata Wind Enerji, Ecogreen Enerji Holding and Ecoener, and private ones like OMC Power and SUN Energy.

Public and private companies comparable to Zola Electric
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LGI Ltd.AustraliaAustraliaPublicly listed$30M$15M$181M5.7x
OMC PowerIndiaHaryanaPrivate--$176M-
Galata Wind EnerjiTurkeyTurkeyPublicly listed$59M$44M$194M3.3x
SUN EnergyIndonesiaIndonesiaPrivate--$200M-
Ecogreen Enerji HoldingTurkeyTurkeyPublicly listed$125M$35M$202M-
EcoenerSpainSpainPublicly listed$95M$49M$208M5.6x

Zola Electric Public Comps

Zola Electric is still privately-owned, but its public comps include Archer, Graphene Manufacturing Group, LGI Ltd., BF Utilities, Pulsar Helium, Alfa Solar, Avadh Sugar & Energy, PetroNor E&P, Daldrup & Söhne and Turcas Holding.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Archer$1.2B$107M0.7x0.7x7.3x4.6x
Graphene Manufacturing Group$502K($20M)348.1x346.9x(8.8x)-
LGI Ltd.$30M$15M5.9x5.7x11.8x11.3x
BF Utilities$101M$72M3.0x-4.2x-
Pulsar Helium-($9M)--(18.3x)(14.2x)
Alfa Solar$164M$9M1.3x-23.7x-
Avadh Sugar & Energy$286M$24M1.1x-13.7x-
PetroNor E&P$83M$64M1.2x-1.6x-

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Common questions about Zola Electric

When was Zola Electric founded?Zola Electric was founded in 2011.
Where is Zola Electric headquartered?Zola Electric is headquartered in Amsterdam, Netherlands.
Is Zola Electric publicly listed?No, Zola Electric is a private, VC-backed company.
What is Zola Electric's valuation?Zola Electric was last valued at $180M in its undisclosed-stage round in September 2021.
How much funding has Zola Electric raised?Zola Electric has raised $158M across 6 funding rounds.
What was Zola Electric's last funding round?Zola Electric's last funding round was a $45M undisclosed-stage round in September 2021, led by TotalEnergies Ventures.
Who are Zola Electric's investors?Zola Electric's investors include Vulcan Capital, DBL Partners, Helios Fairfax Partners, SolarCity, Omidyar Network, TotalEnergies Ventures, E3 Capital, Zouk Capital, Aster, Électricité de France and 8 others.
Which companies are comparable to Zola Electric?Companies comparable to Zola Electric include LGI Ltd., OMC Power, Galata Wind Enerji, SUN Energy, Ecogreen Enerji Holding and Ecoener.

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