Earthbond, a Nigerian climate tech startup focused on providing affordable and reliable solar energy to small and medium-sized enterprises (SMEs), has secured $200,000 in seed funding. This funding comes from Madica, an investment program aimed at supporting pre-seed startups across Africa. The investment will allow Earthbond to scale its innovative clean energy marketplace, which connects businesses with solar energy solutions.
As part of this funding, Earthbond will join Madica’s 18-month investment program, gaining access to resources that will drive growth and strengthen the company’s market position. Chidalu Onyenso, CEO of Earthbond, expressed excitement over this milestone, stating, “This is a pivotal moment for Earthbond and a strong validation of our mission. We’re thrilled to join the Madica family, and we look forward to what this support will enable us to achieve, especially in driving the energy transition in Nigeria.”
Expanding Solar Energy Access
With this funding, Earthbond aims to significantly increase its financing capacity. The startup plans to originate $10 million in solar energy loans over the next three years, targeting SMEs that are struggling with Nigeria’s unreliable power grid. These funds will also help Earthbond improve its sales and marketing efforts, as well as develop innovative tools that simplify solar system maintenance and payments. Additionally, the company plans to introduce discounts for businesses based on carbon credits, incentivizing participation in the program.
Founded in 2023, Earthbond addresses Nigeria’s pressing energy needs. The country’s unreliable power grid has collapsed 46 times between 2017 and 2023, forcing 86% of companies to rely on costly and polluting diesel generators. Earthbond’s marketplace leverages group financing and carbon accounting to make solar power more accessible and affordable, helping SMEs transition away from fossil fuels.
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Strong Market Demand and Partnerships
Since its launch, Earthbond has conducted energy audits for over 100 customers in Lagos, with a potential pipeline of $1 million in solar projects. Additionally, more than 1,800 Nigerian SMEs have joined the waitlist, highlighting the demand for affordable solar energy solutions. To further support this transition, Earthbond has partnered with four local commercial and microfinance banks. Thus, it has made it easier for businesses to secure loans for solar installations.
Emmanuel Adegboye, Head of Madica, shared his enthusiasm about the partnership with Earthbond, saying, “We are thrilled to support a startup tackling some of the biggest climate challenges today. This investment reinforces our commitment to discovering and nurturing exceptional founders, particularly in regions that are often overlooked.”
As Earthbond continues to grow, this seed funding will play a critical role in expanding access to clean energy for Nigerian SMEs, helping them reduce costs and their reliance on polluting energy sources.
