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KOKO, Kenyan Climate-tech Start-up Gets Funding from RMB

By Oluchukwu Ikemefuna

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In the 21st century, climate change has taken center stage, and KOKO, a pioneering climate-tech startup in Kenya, stands out as a trailblazer for a seamless transition to clean energy in Africa. As a major force driving the shift toward cleaner energy on the continent, KOKO is on a mission that requires substantial funding.

The Kenyan climate tech startup recently bagged a significant funding deal with RMB. This boost in funding not only propels KOKO’s mission to tackle environmental challenges but also signifies widespread support for the company’s innovative approach.

 In this post, we’ll be reviewing everything you need to know about Koko and its new funding from RMB.

What Is Koko?

Koko Networks, or simply Koko, stands out as a leading African climate tech company, creating ripples in Kenya’s clean energy sector. Founded in 2019 by Greg Murray, Koko was established with a mission to safeguard Kenya’s tropical forests.

Today, Koko spearheads the continent-wide shift towards clean and modern fuels, playing a pivotal role in the ongoing energy transition. With a commitment to meeting the growing demand for alternative energy solutions, the company provides bioethanol cooking fuel to more than a million homes across Africa. This innovative approach not only addresses the need for cleaner energy but also contributes significantly to sustainable living on the continent.

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How Is Koko Changing Lives In Africa?

RMB, KOKO’s new partner, reveals a startling reality—over 900 million people in Africa rely on harmful fuels like charcoal for cooking. This not only leads to extensive deforestation but also contributes to over 600,000 fatalities annually due to home air pollution. Additionally, the scale of greenhouse emissions generated rivals that of the global aviation sector. Originally, Murray aimed to protect trees with KOKO, but the company has evolved to play a more active role in addressing these pressing issues.

Taking action, KOKO currently serves as a beacon of change, providing bioethanol cooking fuel to more than 1.1 million homes. Their innovative approach involves a dense network of high-tech KOKO fuel ATMs strategically placed in thousands of corner businesses across urban Kenya. This not only offers a sustainable cooking solution but also strengthens the fabric of communities by promoting environmental responsibility and healthier living.

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Which Company Funds KOKO?

In a strategic move, the Rand Merchant Bank (RMB) has forged a powerful alliance with KOKO Networks, a front-runner in climate technology led by Greg Murray. RMB is not just stepping in as a financial force; it’s taking the lead as the mandated arranger for an innovative carbon financing solution, showcasing its commitment to driving sustainable change.

For RMB, this collaboration is more than a partnership – it’s an opportunity to propel KOKO’s growth and extend the reach of affordable, low-emission energy to millions across Africa. The CEO and co-founder of KOKO emphasizes RMB’s unwavering belief in harnessing carbon’s potential to positively impact the lives of African residents.

This groundbreaking association with the entrepreneurial banking giant is set to accelerate the expansion of KOKO’s platform throughout the continent. Importantly, this investment aligns with RMB’s larger carbon business growth project, dedicated to advancing sustainable energy and fostering forest protection in Africa.

Nigel Beck, Head of Sustainable Finance and ESG Advisory at RMB adds another layer of significance to this collaboration. He highlights that partnering with KOKO will play a vital role in developing the African carbon market. This alignment resonates closely with the Nairobi Declaration, Africa’s recent strategy emphasizing the use of carbon as a mechanism to finance the continent’s energy transition.

The Nairobi Declaration, a pivotal outcome of the Africa Climate Summit in Kenya last September, holds a central position in Africa’s stance at the COP28 climate summit. This partnership between RMB and KOKO not only signifies financial support but also contributes significantly to shaping Africa’s sustainable energy landscape in line with global climate goals.

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FAQs

What is KOKO, and what does it specialize in?

KOKO is a Kenyan climate-tech start-up that specializes in providing clean cooking solutions. They focus on creating affordable and sustainable cooking options to address environmental and health challenges associated with traditional cooking methods.

Why is funding important for KOKO’s mission?

Funding is crucial for KOKO’s mission as it allows the company to invest in research, development, and expansion of its clean cooking solutions. It enables them to reach more communities, develop new technologies, and make their products more accessible and affordable.

How does KOKO’s clean cooking technology work?

KOKO’s clean cooking technology involves the use of liquid bioethanol as a clean and renewable fuel. The fuel is stored in a safe and refillable canister, which is used in specially designed cooking appliances. This technology aims to replace traditional cooking methods that often rely on solid fuels, reducing environmental impact and health risks.

Conclusions

KOKO’s recent success in securing funding from RMB marks a significant milestone not only for the Kenyan climate-tech start-up but also for the broader landscape of sustainable innovation in Africa.

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Blessing Ukibe
Blessing Ukibe

Medical Student at Nnamdi Azikiwe University|Tech content expert at Silicon Africa Technology|Lover of fun books and fun fun ☺️

Articles: 90

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