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Logo of MPower

MPower

Backed by Technology Fund, EIT InnoEnergy, Alternative Bank Schweiz
B2B Green Power Renewables
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Featured image of MPower
This is an SPV deal
Platinum Membership Eligible
Yes
Round
Seed+
Valuation
€7.2M
Allocation
$550K
Deadline
October 31, 2023
Instrument
Preferred Equity
Minimum investment
$2,500
MPower has withdrawn its campaign
All investments have
been refunded.

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Problem Solution Product Traction Customers Biz. model Market Competition Vision and strategy Impact Funding Leadership Dislaimer
Press Discussion

Documents

Republic Deal Room Advisor (Republic Deal Room Advisor LLC, CRD# 31568) is hosting this Reg D 506(c) securities offering by MPower I, A Series of Republic Deal Room Master Fund, LP.
Company documents
Subscription Agreement MPower I - LPA.pdf MPower I - PPM.pdf
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Investment summary


$1M+ raised
Company has previously raised over $1M in capital
$1M+ revenue
Company had over $1M in revenue in the past 12 months
Venture-backed
Company is backed by a venture capital firm

MPower is a B2B platform that offers a 360° solution providing solar energy and a variety of cleantech and solar appliances at an affordable cost. Over 500M people in Sub-Saharan Africa lack access to electricity, and many are connected to unreliable grids. Solar and storage technologies have become the preferred power source. However, several challenges inhibit growth in the market. MPower's solution combines cost-effective, high-quality solar products with affordable financing for end users and B2B partners combined with in-house software solutions to help distributors optimize their operations.

This is a special purpose vehicle (SPV) formed to invest in MPower's Seed+ round:

  • Accessible clean energy solutions for Sub-Saharan Africa
  • 20 B2B distributors across 7 countries | 35k+ products sold
  • $1.7M revenue in 2022 | Targeting profitability in Q4 '23/Q1 '24
  • High-quality solar kits & appliances manufactured in Shenzhen (white label)
  • Partnerships for last-mile sales/distribution and microfinancing
  • In-house software stack for efficient ops & client data collection
  • $5.9M raised to date in debt, equity, and grants

Problem


Sub-Saharan African access to electricity has gotten worse, not better

As many as 600M people in Sub-Saharan Africa lack access to electricity, and many more suffer from regular power cuts.

Solar energy is increasingly prioritized as a solution in the region, but there are challenges to growth:

  • Affordable financing
  • Lack of high-efficiency & high-quality products
  • Frequent supply chain disruptions


—IEA report, 2022

_______________________________________________________________

https://www.oecd.org/environment/cc/climate-futures/Achieving-clean-energy-access-Sub-Saharan-Africa.pdf
https://www.iea.org/reports/sdg7-data-and-projections/access-to-electricity
https://www.imf.org/en/Publications/fandd/issues/2020/03/powering-Africa-with-solar-energy-sy

Solution


MPower is building a B2B platform to deliver cleantech products and green energy access across Africa

MPower is addressing supply and distribution challenges through partnerships with manufacturers in China, and with last-mile distributors in Africa who manage marketing, sales, and installation. On the customer side, they are facilitating microfinancing through banks and Microfinance Institutions (MFIs), who benefit from a reliable pipeline of borrowers.

MPower has taken a tech-forward approach to operations management; their in-house software stack facilitates efficient tracking of client data, financing, purchasing, and sales. The company states that this integrated operation system provides a key competitive advantage within the African solar market.



Product


Unlocking solar energy in Africa with an expanding portfolio — from small solar bundles to larger systems and e-mobility



MPower’s in-house software solution comprises an Android app and a Cloud solution that automate operations and workflow. Their software gives them increased control and insight into their partners’ operations, which is beneficial when extending inventory finance. They automate Customer Relationship Management (CRM), reduce inventory costs by digitizing logistics management, and increase the efficiency of partner operations.


Digitization as a key enabler
Establishing trust from manufacturer to end user

Traction


$1.7M revenue in 2022 | EBITDA positive in initial market

EUR 5.5M+ raised to date, enabling growth of B2B model

MPower has sold over 35,000 units to date, with 20 B2B distributors throughout 7 countries. The company is EBITDA positive in their initial market of Zambia, and is targeting company-wide profitability by YE 2023.


MPower has raised > EUR 5.5M in debt, equity, and grants to date, which has enabled them to build their robust software, supply chain, and on-the-ground presence across multiple markets. This foundation will now allow them to focus on their path to profit.

  • MPower expects to become EBITDA positive in 2023 at Group level, when total revenues reach ~EUR 3,5M, driven by entry into new markets and supported by a strong B2B pipeline.

  • Increased country sales, in addition to growth in new and higher margin services (SaaS and financing) from 2023, are expected to increase their EBITDA margin to 8% in 2023, which is expected to grow more than 6x to 19% by 2026

Business model


Tech-enabled B2B2C model

MPower supplies Plug & Play solar devices as well as energy efficient household and income-generating appliances for lower- and middle-income households, SMEs, and farmers in peri-urban and rural areas. They do this by leveraging a Business-to-Business-to-Customer (B2B2C) model, where they partner with co-invested distributors in SSA to deploy MPower branded products from their dedicated sourcing hub in Shenzhen, China.

MPower also facilitates access to finance, including inventory finance for distributors, and consumer financing for end users; inventory financing is mainly financed by MPower while ~80% of the consumer financing is from bank and MFI partners.

This model allows MPower to offer competitively priced, high-quality products to households, SMEs, and farmers in Sub-Saharan Africa.




Vision and strategy


Overview of MPower's growth strategy

MPower plans to scale our operations by increasing distributors and other key partnerships, expanding the product portfolio and further developing their financing offer.

MPower is targeting 78% revenue growth at a 6-year CAGR over the period 2021-2026.

Partnerships

Scaling of the company's partnership pipeline is made possible in part by their digitized & integrated operations platform, described above.

Existing partnerships

Product and financing offerings

MPower has launched additional product categories, such as larger solar systems and e-mobility products, which they intends to scale within present and developing markets. There is also room for the company to further develop their financing solutions for clients, which include payroll deductions, microfinancing, and corporate financing.

Additional geographies

MPower currently has local subsidiaries and teams in Zambia, Cameroon, Togo, and Namibia. An additional team in Ghana was incorporated in Q4 2022, under the expectation of increased sales in 2023. The company has made additional sales on an ad hoc/opportunistic basis in Botswana and Zimbabwe.

MPower is exploring new markets in Nigeria and elsewhere in SSA, evaluating their viability based on proximity to supply hubs and their growing pipeline of B2B partners.



Impact


Clean energy access intersects with multiple UN Sustainable Development Goals (SDGs)

Funding


$5.9M raised in debt, equity, grants

MPower is backed by Technology Fund, Energy4Impact, EIT InnoEnergy, Alternative Bank Schweiz, SIMA, and South Pole Group.

The company has further signed term sheets for a USD 4M debt facility that will be used for working capital. 

It is furthermore supported by leading stakeholders including ResponsAbility (TA Facility) and Google for SDG startup Advisory program.

Leadership


MPower has a dynamic team of industry experts with a shared vision for a brighter, more sustainable future

  • Manuel Seiffe has 12+ years of experience in solar and finance, and laid the foundation for the company's mission.
  • Michael Eschmann is a seasoned expert in sustainable finance and development.
  • Greg Nau is a former law partner with a passion for making a difference. 

In late 2017 the three founders came together to create MPower driven by the idea to bring affordable renewable energy to communities and SMEs, and began operations in Zambia at the beginning of 2018. Since then MPower has grown its team to 36 people across our 5 countries of operations (Zambia, Cameroon, Togo, Ghana and Namibia).

Dislaimer


In addition to the carried interest Republic Deal Room Advisor LLC is entitled to for the syndicated investments it organizes, certain principals of Republic Deal Room Advisor LLC may have a personal interests in these investments, as disclosed below. When making an investment decision please review any applicable disclosures as they represent pre-existing financial interests held by those principals of Republic Deal Room Advisor LLC.

We do not represent that the information contained herein is accurate or complete, and it should not be relied upon as such. Opinions expressed herein are subject to change without notice. Certain information contained herein (including any forward-looking statements and economic and market information) has been obtained from and/or prepared by the Company or other third-party sources and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, Republic Deal Room Advisor LLC does not assume any responsibility for the accuracy or completeness of such information. Republic Deal Room Advisor LLC does not undertake any obligation to update the information contained herein as of any future date.

Documents

Republic Deal Room Advisor (Republic Deal Room Advisor LLC, CRD# 31568) is hosting this Reg D 506(c) securities offering by MPower I, A Series of Republic Deal Room Master Fund, LP.
Company documents
Subscription Agreement MPower I - LPA.pdf MPower I - PPM.pdf

Press

German Article - Afrikas Energierevolution
Te:nor Blog Te:nor Blog
·
Jan 25, 2023

Eine halbe Milliarde Menschen in der Subsahara-Region müssen ohne Strom auskommen. „Wir stehen in Afrika vor einer dezent...

MPower joins as SCBF's 28th member - Swiss Capacity Build...
Swiss Capacity Building Facility
·
Jul 21, 2022

SCBF is pleased to share that our member-base has been steadily growing as we welcome our newest member - MPower Ventures...

MPower, D-RECs, and South Pole - how a new approach to re...
South Pole South Pole

MPower rolls out innovative solar solutions across sub-saharan Africa, which will now also include the generation of D-RE...

Food, fashion and solar power: four start-ups ripe for gr...
Startupticker Startupticker

The latest results of the Swiss Startup Radar showed that Switzerland is a forerunner in sustainability - indeed, the inn...

MPower secures funding to scale its solar energy solution...
Startupticker Startupticker

With around €1.500,000 investments received from new and follow-up investors, MPower has closed the first closing of its ...

MPower: The Venture Leader Mobile supercharging the energ...
Venturelab Venturelab

The climate and fintech startup MPower is revolutionizing energy access in developing countries by providing small and me...

MPower Financing Round | LEXR
LEXR LEXR

What was MPower's first product, and how has the portfolio developed since then? MPower has built a B2B partnership model...

MPower Seedrs Raise
Seedrs Seedrs

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only...

Show all

Discussion

Ask questions and share feedback with the MPower team below. If you have support related questions for Republic, please contact investors@republic.co.
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