Transaction Summary
Batter-as-a-Service startup Kofa Technologies Ltd (Kofa) has completed an $8.1 million fundraise in a pre-Series A round to scale its Battery-as-a-Service network across Ghana and Kenya. The funding was a blended structure comprising $3.25 million in equity, $4.32 million in debt, and $590,000 in grants. The round was co-led by E3 Capital and Injaro Investment Advisors, with participation from Shell Foundation (co-funded by the United Kingdom’s Transforming Energy Access program), which provided grant support and catalytic debt. The round also included angel investors, including Richard Thwaites, founder of battery storage firm Penso Power. Kofa provides battery-swapping services for electric motorcycles and portable power solutions for households and businesses. The Pre-Series A proceeds are intended to help Kofa launch in three major cities across Ghana and Kenya, fast-track the development of its AI-driven battery management system, and support manufacturing partnerships and the deployment of more battery swap stations.
Terms
- Investors: E3 Capital,
