Kenyan startup PayGo Energy announces strategic investment from Saisan
PayGo Energy, an Energy Access Ventures (EAV) portfolio company, has secured a strategic investment from Saisan, a leading Japanese energy company.
As part of the partnership, PayGo will launch its proprietary Cylinder Smart Meter across Saisan’s Gas One retail network to provide Asian households with access to pay-as-you-go liquefied petroleum gas (LPG) for the first time. PayGo will leverage Saisan’s investment capital to establish a foothold in the region.
For PayGo, the partnership provides a footprint in fast-growing emerging economies in South Asia, and a clear path to scale; leveraging Saisan’s extensive distribution and retail network, and the company’s deep expertise in downstream LPG.
Paras Patel, Partner at Energy Access Ventures said: “At EAV, we are extremely proud of the PayGo Energy team who have collectively delivered on strategic milestones in East Africa with great skill. We believe Saisan’s investment and partnership mark the next phase of PayGo’s growth, and we are excited to help the team make their truly game-changing technologies a reality for customers across emerging markets.''
Nick Quintong, CEO & Co-Founder of PayGo Energy said: “EAV has been a true growth partner since day one, adding value far beyond its capital to support us all the way from piloting our proof of concept to reaching this critical milestone. In Saisan we have a partner with generations of LPG experience and a trusted retail brand. We’re excited to work with Saisan to bring our technology to households across the region.''
For Saisan, PayGo’s technology enables the company to expand its LPG business and to strengthen its reputation as a driver of digital innovation in the LPG sector.
Takehiko Kawamoto, President & CEO of Saisan said: “We’re thrilled to be pioneering PayGo’s innovative smart metering technology in Asia, and to provide our customers with the world’s best gas service.''
PayGo has also secured investment from the Japan-backed VC fund, Kepple Africa Ventures. Kepple helps blue-chip African startups raise funds from and form strategic partnerships with large Japanese corporates. The deal sees PayGo continue to build momentum as the company gears up for its Series B raise in the coming months.