BBOXX raises £41.1m in Series D funding led by Mitsubishi to accelerate international expansion.
The Series D round was led by Mitsubishi Corporation with backing from investors across three continents.
Share allotment filed at Companies House
BBOXX operates a utility platform that provides solar systems combining panels and batteries on a pay-as-you-go model. The firm supplies electricity to households, schools and businesses across frontier markets.
Utility provider BBOXX has secured £41.1m in a Series D financing round led by Mitsubishi Corporation. The injection of capital will support the company as it scales its operations internationally across Africa and Asia.
The round drew participation from a diverse group of international backers, including ENGIE Rassembleurs d'Energies, Bamboo Capital Partners, DOEN Participaties, and MacKinnon, Bennett & Company. The funding builds on previous strategic investments from partners such as Africa Infrastructure Investment Managers and EDF.
BBOXX utilises its proprietary digital platform, BBOXX Pulse, to manage solar home systems remotely using mobile money. The fresh capital will enable the firm to expand its clean energy delivery and extend its product range into new markets.
From the founder
"The funding is further evidence of Japanese interest in Africa and in PAYG solar energy globally. Mitsubishi Corporation’s extensive reach, sector specific and technological expertise will help us to reach more people without reliable access to modern utilities and services at even greater scale."
Mansoor Hamayun
CEO and co-founder at BBOXX
Use of funds
- 01Expand into international markets
Investors
Mitsubishi Corporation
ENGIE Rassembleurs d’Energies
Bamboo Capital Partners
DOEN Participaties
MacKinnon, Bennett & Company