The IBL group, a $1 billion conglomerate with operations in a number of industries, including energy, financial services, logistics, distribution, and engineering, led a Series A equity-debt round in which $8 million was raised by Qotto, a company that sells solar kits and has operations in Burkina Faso and Benin.
In addition to expanding in its current markets, Qotto told TechCrunch that it would soon start doing business in the Ivory Coast.
Qotto was established in 2016 to create and provide standalone solar kits and lamps to people living in the least electrified areas of Africa.
The growing bid comes as Qotto develops into a provider of a wide range of important services. These new goods include banking services and internet access hotspots.
Qotto says its revenue has grown 50% year on year, and that it had 11,000 active customers by the end of last year, which it plans to more than double by the close of this year following its growth plans.