UAE off-grid solar start-up Pawame has raised more than $500,000 in debt finance from Swedish fintech firm Trine just two months after it secured $2 million in seed funding.
The social enterprise, which supplies affordable solar kits to off-grid households in sub-Saharan Africa on a micro-finance basis, plans to use the $543,000 crowdfunded loan to accelerate its growth across the continent and pay for equipment and inventory.
“We are in a business where new capital is always required to fuel our growth and finance our inventory, since we lease kits over a period exceeding one year that we purchase upfront," said Alexandre Allegue, Pawame chairman and co-rounder.
"Pawame initially mainly raised capital through equity since we do not have the required track record for lenders [usually three years of financial statements and other relevant documents], but thankfully our credibility in the market is robust, we have delivered on our targets, and we are progressively shifting more and more toward debt inventory financing to avoid further dilution."
This is the second crowdfunded loan from Trine; Pawame said it also raised €150,000 (Dh741,965) through the company more than six months ago.
The Abu Dhabi-based venture, which is pronounced “power me”, first launched in 2015 when Mr Allegue realised that electricity was still out of reach for over 700 million people in Africa.
Since then the company has connected more than 4,000 homes to solar power in Kenya, helping 20,000 people, and secured $2m through a traditional funding round, primarily from GCC investors. The biggest shareholder was a group of senior executives from one of the largest power companies of the Middle East, including Paddy Padmanathan, the chief executive of Acwa Power, who made a personal investment.
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Philip Bahoshy chief executive of the start-up online community platform Magnitt, said Pawame's decision to turn to debt financing is "an emerging alternative to traditional equity financing here in the region".
"Companies like Beehive have pioneered this model for companies in the region," he said. "A key attribute, however, is that the company has strong financials to be able to justify paying debt. Many early stage start-ups that are not revenue generating are therefore not eligible. However, at later stage, start-ups with strong cash-flow payments can use debt financing to spur on international market expansion and develop their product proposition."
Mr Allegue said using this alternative funding from Trine - which helps investors support solar energy projects while also delivering a return - offered the company "more flexibility, lower interest rates and more options to secure resources when compared to a traditional bank loan”.
“It is a great way to access financial support and resources outside traditional lending forms with like-minded investors aligned to our vision,” said Mr Allegue.
The company's aim is to provide low-cost clean energy to 150 million low-income residents in remote areas. Its first solar home system was sold in 2016.
Customers using Pawame’s services in Africa pay an upfront fee of $30 to activate the solar kit, followed by rent-to-own instalments on a daily, weekly or monthly basis for as little as 45 cents.
The company said it is on target to break even by the end of 2018, in the second full year since its launch, and will enter a new funding round soon with strategic investors to further accelerate its growth.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
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Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
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Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 million
AVOID SCAMMERS: TIPS FROM EMIRATES NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Story%20behind%20the%20UAE%20flag
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Company%C2%A0profile
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20Znap%3C%2Fp%3E%0A%3Cp%3EStarted%3A%202017%3C%2Fp%3E%0A%3Cp%3EFounder%3A%20Uday%20Rathod%3C%2Fp%3E%0A%3Cp%3EBased%3A%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3EIndustry%3A%20FinTech%3C%2Fp%3E%0A%3Cp%3EFunding%20size%3A%20%241m%2B%3C%2Fp%3E%0A%3Cp%3EInvestors%3A%20Family%2C%20friends%3C%2Fp%3E%0A
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%3Cp%3EAverage%20amount%20of%20biofuel%20produced%20at%20DIC%20factory%20every%20month%3A%20%3Cstrong%3EApproximately%20106%2C000%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EAmount%20of%20biofuel%20produced%20from%201%20litre%20of%20used%20cooking%20oil%3A%20%3Cstrong%3E920ml%20(92%25)%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ETime%20required%20for%20one%20full%20cycle%20of%20production%20from%20used%20cooking%20oil%20to%20biofuel%3A%20%3Cstrong%3EOne%20day%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EEnergy%20requirements%20for%20one%20cycle%20of%20production%20from%201%2C000%20litres%20of%20used%20cooking%20oil%3A%3Cbr%3E%3Cstrong%3E%E2%96%AA%20Electricity%20-%201.1904%20units%3Cbr%3E%E2%96%AA%20Water-%2031%20litres%3Cbr%3E%E2%96%AA%20Diesel%20%E2%80%93%2026.275%20litres%3C%2Fstrong%3E%3C%2Fp%3E%0A
Moon Music
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Label: Parlophone/Atlantic
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Rating: 3/5
Results
4pm: Maiden (Dirt) Dh165,000 1,600m
Winner: Moshaher, Pat Dobbs (jockey), Doug Watson (trainer).
4.35pm: Handicap (D) Dh165,000 2,200m
Winner: Heraldic, Richard Mullen, Satish Seemar.
5.10pm: Maiden (Turf) Dh165,000 1,600m
Winner: Rua Augusta, Harry Bentley, Ahmad bin Harmash.
5.45pm: Handicap (D) Dh190,000 1,200m
Winner: Private’s Cove, Mickael Barzalona, Sandeep Jadhav.
6.20pm: Handicap (T) Dh190,000 1,600m
Winner: Azmaam, Jim Crowley, Musabah Al Muhairi.
6.55pm: Handicap (D) Dh190,000 1,400m
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7.30pm: Handicap (T) Dh190,000 2,000m
Winner: Rio Tigre, Mickael Barzalona, Sandeep Jadhav.
