PayGo Energy secures investment to expand to Asia
Posted on: 15 June, 2020 at 5:20 PM
PayGo Energy, a venture-backed company founded in Kenya, has received investment from Saisan Company Ltd (Saisan) to launch PayGo’s Cylinder Smart Meter across Saisan’s Gas One retail network.
PayGo’s patented Cylinder Smart Meter is an IoT device that accurately measures the flow of gas from an LPG cylinder in the customer’s home, enabling households to pay for gas in small amounts using mobile money.
Saisan is a vertically integrated energy business, headquartered in Saitama, Japan. The partnership will provide households in Asia with access to pay-as-you-go LPG for the first time. The strategic investment by Saisan will also provide PayGo with vital financing to initiate its operational expansion into South Asia.
For PayGo, the partnership provides a footprint in fast-growing emerging economies across Asia, and a clear path to scale, leveraging Saisan’s expansive distribution and retail network, and the company’s deep expertise in downstream LPG.
“We see huge untapped demand for LPG in Asia. 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,” said Nick Quintong, CEO and co-founder of PayGo Energy.
For Saisan, PayGo’s technology enables the company to expand its LPG business, and grow its reputation for driving digital innovation in LPG.
“We’re thrilled to be pioneering PayGo’s innovative smart metering technology across Asia, and to provide our customers with the world’s best gas service,” commented Takehiko Kawamoto, president and CEO of Saisan.
PayGo has also secured investment from 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.
Nairobi-based advisory firm, StratLink Africa acted as the exclusive transaction advisor on behalf of PayGo.
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