This archive report was first published on 15 October 2019.
On October 15, 2019, VentureBuilder, a pioneering initiative focused on scaling African-owned and managed off-grid solar enterprises, launched to expand energy access to underserved populations in Africa.
Backed by the DOEN Foundation, Facebook, Shell Foundation, and USAID, VentureBuilder will pioneer a new investment model that provides 'patient' early-stage capital to its local partners across Africa, combined with a specialized suite of technical expertise to accelerate each partner's path to scale.
As Dan Murphy, Managing Director of VentureBuilder, noted, 'As Africa's off-grid solar revolution has evolved, many industry insiders have recognized the need to empower a new generation of local enterprises. We're excited to partner with these local businesses and provide them with the human and financial resources they need to sustainably and profitably scale their impact.'
Co-developed by Catalyst Off-Grid Advisors and Open Capital Advisors since 2017, VentureBuilder has been made possible with support from Facebook, who also committed additional financing alongside the DOEN Foundation, Shell Foundation, and USAID for the implementation phase.
According to Saskia Werther, Program Manager at the DOEN Foundation, 'The DOEN Foundation has supported dozens of energy access initiatives over the years. We believe VentureBuilder can be a gamechanger in supporting and scaling indigenous enterprises across Africa, in areas most in need.'
Sam Parker, the Director of the Shell Foundation, added, 'Research shows that achieving SDG7 requires an additional 300+ companies to deliver energy services to millions of consumers in sub-Saharan Africa. Supporting local entrepreneurs with established distribution networks to expand into household solar energy services represents a vital delivery mechanism and we are excited to support VentureBuilder to demonstrate this in practice.'
