ACCRA, Ghana, 07 November 2024 -/African Media Agency (AMA)/- Beacon Power Services (BPS), an energy tech company providing data and grid management solutions to help Africa’s power sector distribute electricity more efficiently, today announced the closing of a Series A financing round for an undisclosed amount. The round was led by Partech, with participation from Finnfund, Gaia Impact, Proparco, and previous investors Kaleo Ventures and Seedstars Africa Ventures. Additional investors in this round include Clermount, Global Brain and its CVC partner JGC MIRAI Innovation Fund, and On.Capital. Clermount acted as a financial advisor to Beacon Power Services in this transaction. The funding will enable BPS to enhance its product offerings, support growth in its current operations, and expand into new markets across Eastern and Southern Africa.
Africa’s power grids face significant challenges, with utilities struggling to provide consistent service due to outdated infrastructure and unreliable data. BPS is transforming how African utilities manage the grid by providing data-driven solutions specifically designed to meet the unique needs of the continent’s power sector. CAIMS (Customer and Asset Information Management System) is an AI-enabled digital mapping (GIS) and address platform that helps utilities gather and organize data more effectively. This allows utilities to make smarter, data-driven decisions and deliver better service to millions of customers. ADORA offers real-time grid monitoring and control, helping utilities enhance operational efficiency and manage their power distribution more effectively to reduce outages. BPS products have already led to significant growth in Ghana, where BPS helped the Electricity Company of Ghana (ECG) fully digitize its operations, delivering reliable power to more than five million customers,
while doubling revenue in just two years. With the Series A funding, BPS plans to continue enhancing its product offerings while expanding across the continent to address Africa’s grid challenges more effectively.
“With an exceptional track record in transforming grid management for utilities in Nigeria and Ghana, Beacon Power Services has established itself as a leader in addressing Africa’s energy challenges through data-driven solutions,” said Cyril Collon, General Partner at Partech. “We believe in the potential of African founders to solve the continent’s most pressing issues. BPS embodies the type of company our Partech Africa Fund II was created to support. We look forward to partnering with BPS as they scale their operations and increase their impact across Africa.”
“We are thrilled to invest alongside Partech to support the pan-African development of BPS. Indeed, BPS’s goals align with Proparco’s VC mandate to support innovative start-ups on the continent. Through its sophisticated solutions, BPS provides a tangible answer to the major issue of electrical grid efficiency and is a good example of the private sector’s ability to tackle critical issues for development. Hence, we are very enthusiastic about this partnership which also highlights AFD group’s long-standing support of African utilities”, declared Fabrice Perez, Head of Proparco’s VC division.
“We are at the forefront of transforming Africa’s energy infrastructure through advanced software that enables utilities to deliver more reliable electricity, optimize their operations, and decrease reliance on diesel generators. Central to our approach is providing real-time insights and actionable intelligence to utility companies across the continent. Energy challenges faced, especially in urban centers, cannot be resolved without the right data, which is the foundation of all our solutions,” said Bimbola Adisa, Founder & Chief Executive Officer of BPS.
Since its seed round in 2022, BPS has expanded significantly, now employing over 200 people across Ghana, Kenya, Nigeria, Zambia, and the U.S. This growth highlights the company’s commitment to addressing Africa’s energy challenges through a global team and scalable, data-driven solutions. As BPS continues to grow, it is prioritizing enhancements to its operational and R&D capabilities. With an impact on over 50 million consumers and businesses and more than 1 billion grid data points processed each day, BPS is well-positioned to drive a sustainable energy future across Africa.
Distributed by African Media Agency (AMA) on behalf of Beacon Power Services.
Beacon Power Services is an energy tech company helping Africa’s power sector distribute electricity more efficiently with its data and grid management solutions. | Contact: info@bpsafrica.com
About Partech
Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. Partech brings together capital, operational experience, and strategic support to back entrepreneurs from seed to growth stage. Born in San Francisco 40 years ago, today Partech manages €2.5B AUM and a current portfolio of 220 companies, spread across 40 countries and 4 continents.
About Proparco
For over 45 years, Proparco, a subsidiary of the Agence française de développement group, has been working alongside private-sector players to build a fairer, more sustainable world. With an international network of 23 local offices, Proparco works closely with its partners to build sustainable solutions to environmental and social challenges in Africa, the Middle East, Asia, and Latin America. Proparco has sector-specific expertise, and a diversified range of financial tools adapted to the different stages of a company’s development.
Further information: http://www.proparco.fr | @Proparco | LinkedIn
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