SteamaCo, a Manchester, UK-based technology supplier to utilities in Africa and Asia, raised $5m in Series B equity financing.
The round was co-led by Praetura Ventures and Shell, with participation from existing shareholders.
The company intends to use the funds to continue technology development and growth.
Led by Harrison Leaf, CEO and Co-founder, SteamaCo provides smart metering technology and cloud software that enables electricity services for hundreds of thousands of previously underserved people across 10 countries. The company’s software run on less than 100kB of communications data per meter per month.
Founded in 2012, SteamaCo is headquartered at Manchester Science Park, with offices in Kenya.