After successfully completing Google training, Kenyan pay-as-you-go clean cooking fuel startup Paygo Energy is looking to raise up to $5 million to complete development of mobile applications.
Founded in 2016 by Fausto Marcigot, Mike Hahn, and Nick Quintong, Paygo Energy develops cooking gas cylinder smart meters. The startup allows households to cook on clean burning Liquefied Petroleum Gas (LPG) and uses pay-as-you-go technology to allow customers to purchase the system over time via mobile money.
The three came up with the idea while working in an informal settlement in Nairobi, Kenya, where they noticed that households spend more money to cook with dirty fuels, like charcoal and kerosene, than they would on gas.
What began as a challenge to improve product-market fit by selling gas in small quantities, has now become a journey to revolutionize distribution to unlock access to gas for the next billion users.
Paygo Energy co-founder and chief executive Fausto Marcigot did not disclose the amount of money it is seeking to raise to expand its distribution and warehousing of gas cylinders smart meter business.
The company, which currently operates in Nairobi, said it injected more than $1.4 million in seed capital it raised in April 2017.
“We got $1.4 million seed capital in April 2017and after this Launch Pad Africa Programme, we intend to raise more money to expand out gas meters all over Kenya.
“We would love to get financial support from Google Launchpad Africa Accelerator programme who have been helpful with mentorship and training,” Mr Marcigot said in the company of his co-innovators Albert Oketch and Samuel Magondu.