Lagos-based GreenTech Solutions raised $75 million in Series B funding in July 2025 to expand its solar-powered smart grid solutions across Africa. Led by Sequoia Capital and Africa50, the round will fund new offices in Ghana, Kenya, and Rwanda, and enhance R&D for AI-driven energy systems. CEO Temi Agbaje said GreenTech’s technology serves 700,000 households in Nigeria, cutting carbon emissions by 30%, per a 2025 UN report.
Nigeria’s tech ecosystem, valued at $5 billion in 2025, attracted $1.5 billion in venture capital, per Techpoint Africa. GreenTech’s smart meters, used in Lagos and Ibadan, optimize energy distribution, addressing Nigeria’s 50% electricity access gap. The government’s tax breaks for startups have fueled growth, but power outages cost the sector ₦1 trillion annually. GreenTech’s solar solutions, priced at ₦50,000 per unit, are 20% cheaper than competitors, driving adoption.
The deal positions Lagos as Africa’s tech capital, surpassing Nairobi. Challenges include regulatory delays and vandalism of solar panels, with 5% of installations damaged in 2025. GreenTech plans to train 1,000 engineers by 2026, with 50% being women, to address skill gaps. The startup’s valuation could reach $600 million by 2027, per analysts.
Source: Techpoint Africa
Link: https://techpoint.africa
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