Earthbond, a promising cleantech startup, has successfully secured significant funding aimed at revolutionizing solar energy access for small and medium enterprises (SMEs) in Nigeria. With a strategic plan to enable $10 million in targeted loans over the next three years, the company is set to enhance its sales and marketing initiatives while introducing innovative maintenance and payment tools designed to elevate customer experiences.
In addition to these efforts, Earthbond is poised to introduce carbon credit discounts as a novel revenue stream, encouraging businesses to transition to solar energy. This move aligns with the company’s broader vision of addressing Nigeria’s staggering $14 billion off-grid generator market, which imposes excessive costs and carbon emissions on SMEs.
Founded in 2023 by Chidalu Onyenso, an MBA graduate from Harvard and an experienced product manager, Earthbond aims to alleviate the burdens faced by businesses reliant on expensive and polluting generator systems. Emmanuel Adegboye, Head of Madica, the investment firm backing Earthbond, expressed optimism regarding the startup’s potential. “Earthbond is addressing critical climate challenges with innovative solutions. We believe this investment will significantly impact Africa’s clean energy future,” Adegboye stated, highlighting Madica’s commitment to supporting underrepresented founders in the continent’s burgeoning startup ecosystem.
Established in 2022, Madica operates under the auspices of Flourish Ventures, a global fintech venture capital firm, and provides early-stage startups across Africa with investment opportunities of up to $200,000. The program spans 18 months, offering dedicated support through mentorship, a tailored curriculum, immersive trips, and access to a global investor network for subsequent funding rounds.
Recent reports from Techpoint Africa indicate that Madica has already invested $200,000 each in three startups: Kola Market, GoBEBA, and NewForm Foods. This collaboration positions Earthbond to leverage essential resources for its growth and sustainability.
With frequent power outages compelling businesses to depend on generators—which cost the Nigerian economy over $29 billion annually—Earthbond presents a viable alternative through solar energy solutions. Recognizing that high installation costs have been a significant barrier for SMEs, the startup offers embedded solar financing, enabling businesses to manage installation expenses while connecting them with a marketplace of vetted solar suppliers.
Earthbond has already conducted audits for over 100 customers in Lagos, indicating a potential $1 million in solar projects, and has forged partnerships with four banks to facilitate loan offerings. The startup reports strong interest from the market, with over 1,800 SMEs on its waitlist for affordable solar solutions.
Onyenso reflected on the funding as a transformative opportunity for Earthbond. “This investment is a pivotal moment for our company, and we’re thrilled to join the Madica family. With their support, we are poised to lead the energy transition for Nigeria’s SMEs,” he affirmed, signaling a commitment to a sustainable energy future for the region.
