Jibu, a Denver, CO-based social enterprise which equips entrepreneurs in emerging market communities to own businesses that ensure access to basic human necessities, with water as an anchor product, completed its $7m Series B financing.
Backers in the round, which brings total raised to more than $10m, included Conrad N. Hilton Foundation, Danone Communities (Paris), Stone Family Foundation (London), Asia Africa Investment & Consulting (AAIC, Tokyo), Maclellan Foundation, Segal Family Foundation, and NRD Capital.
The company will use the funds to accelerate its launch of 1,000 drinking water franchises in at least a dozen new countries by 2022.
Led by Randy Welsch, Co-Founder and President, and Galen Welsch, Co-Founder and Chief Executive Officer, Jibu scaled from two franchises in two countries in 2015 to more than 200 new businesses in Kenya, Uganda and Rwanda.
In September 2017, the company adapted its business model in Zimbabwe by licensing an experienced local investor-entrepreneur to grow Jibu’s presence to more than 90 franchises in the country within the next few years. It is also currently piloting this new model through a local partner in Tanzania.