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Daystar Power joins Flutterwave, Paga as Endeavor Nigeria companies

REAN Mon, Mar 2, 2020

Christian Wessels and Jasper Graf von Hardenberg, the co-founders of Nigerian renewable energy startup Daystar Power, have joined Endeavor Nigeria’s network of entrepreneurs.

This comes after Daystar secured $4 million in debt financing from SunFunder, a solar energy-focused investor, to scale its energy provision services. 

Founded in 2017 and based in Lagos, Daystar Power provides solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors. They combine pure solar and hybrid solar-fossil fuel power generation systems and are currently targeting the West African market.

After scaling through Endeavor’s international selection panel held in Riyadh, Saudi Arabia between February 10 and 12, Wessels and von Hardenberg become the 12th and 13th entrepreneurs to join Endeavor Nigeria.

Based on rigorous multiple screening processes, Endeavor Nigeria searches for “high-impact” entrepreneurs whose startups have the potential to be $100 million companies. Part of the criteria is that the entrepreneurs should be willing to extend their companies to other shores and aspire to “pay-it-forward” by investing in their local entrepreneurship ecosystems.

Eloho Gihan-Mbelu, Endeavor Nigeria’s managing director, said she is pleased to welcome Daystar into Endeavor Nigeria’s “growing portfolio” of companies. Daystar, according to her, “makes reliable, clean energy more accessible for businesses, offering  99.9% uptime, transparent payment plans and scheduled maintenance, with no upfront costs.” 

Daystar Power becomes the 8th company in Endeavor Nigeria’s portfolio, joining PagaCarbon, AZA, HealthPlus, FilmHouse, Cars45 and Flutterwave.

Endeavor Catalyst, the venture investment arm of the global Endeavor network, invested $2 million in Flutterwave’s Series B round in January. That could only happen because Flutterwave’s CEO Olugbenga Agboola and Ife Orioke, the Chief Commercial Officer, are both Endeavor entrepreneurs.

Now that Daystar Power has joined, it affords them the wealth of access to global credit and customers that comes with belonging to Endeavor.

Being an Endeavor entrepreneur guarantees that when your company aims to raise at least $5 million, Endeavor Catalyst will participate in the round if you want them to.

Source: Tech Cabal