Today Persistent Energy Capital LLC announced that it has raised over USD 8M in equity in 2019. The equity raise was in the form of Series B Preferred Units of ownership in Persistent, giving Series B holders a seat on the Board of Directors.
Persistent Co-Founder Dirk Muench announced “The Series B capital raise, the second on-balance sheet equity raise in our history, is a validation of our venture building strategy and our focus on building companies that mitigate climate change and improve livelihoods in emerging markets, while providing our investors with attractive financial returns.”
Co-Founder Chris Aidun said “The Series B capital will allow Persistent to expand its core venture building activities by developing new early stage ventures in new markets and new product areas.”
Series B investors consisted of high net worth individuals and institutional investors, including Dream Project Incubators (DPI), a renewable project developer and venture investor in clean energy businesses in Asia. Kazuomi Kaneto, founder and CEO of DPI commented that “DPI was impressed with both Persistent’s thought leadership and its ability to execute its core strategy of building renewable energy businesses in Africa. DPI is delighted to work with Persistent Energy to support startups that are dedicated to creating better places in Africa and other regions.”
Philipp Cottier, who recently took on the role of Board Chair, states “Persistent is now in a position to consolidate its recent gains and build its team and footprint further. We will use 2020 to expand the team and ability to partner with more companies.”
Persistent believes that many companies need to be started in order to reach the UN Sustainable Development Goals (SDGs) within the next 10 years. Persistent’s strategy of providing human capital in the form of deep company building expertise and services offerings, plus financial capital, gives it a unique position in the UN SDG ecosystem.
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