Breega leads PowerLabs pre-seed fundraise
PowerLabs, a Nigeria-based energy and climate tech company, has announced a pre-seed fundraise, led by Breega.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
PowerLabs, a Nigeria-based energy and climate tech company, has announced a pre-seed fundraise, led by Breega, with participation from Catalyst Fund, Mercy Corps Ventures, and Kaleo Ventures.
Nigeria’s economy is held back by an unreliable electricity grid. According to the World Bank, power shortages cost the country roughly $29 billion each year and many households receive only around 6.6 hours of grid electricity per day. Businesses therefore run on diesel generators or invest in private solar systems.
Powerlabs, founded in Nigeria, was created to address this challenge. The company’s flagship product, Pai, uses AI and data from internet‑connected devices to help businesses understand and manage their power systems. Pai applies real‑time pattern recognition to historical energy data to predict costs and reduce losses, size future assets accurately and automatically switch between power sources for uninterrupted operations. By doing so, it aims to minimise energy costs while maximising uptime.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now