Shell Foundation

Shell Foundation is an independent non-profit charity based in London, established in 2000 by the Shell Group. The foundation focuses on creating and scaling innovative solutions to address global development challenges, particularly those connected to the energy sector. By applying business principles to social and environmental issues, it aims to achieve significant and lasting impact. The foundation has developed an enterprise-based model that combines financial support, such as grants and loans, with non-financial resources to foster social innovation. It leverages the skills and networks of Shell to enhance its development efforts and strives to harness private markets for public benefit on a large scale.

Jonathan Berman

CEO and Member of the Investment Committee

26 past transactions

Kofa

Grant in 2025
Kofa is an automotive company that utilizes the latest electric battery and motor technology. The company aims to develop an affordable, sustainable and customer driven electric network in transformative energy, transport, and climate change around the globe. Kofa was founded in Ghana and is headquartered in Accra.

Kofa

Debt Financing in 2025
Kofa is an automotive company that utilizes the latest electric battery and motor technology. The company aims to develop an affordable, sustainable and customer driven electric network in transformative energy, transport, and climate change around the globe. Kofa was founded in Ghana and is headquartered in Accra.

Sistema.bio

Debt Financing in 2024
Sistema.bio is a manufacturer of prefabricated modular biodigester systems aimed at enhancing the efficiency and quality of life for small farmers. The company's systems utilize anaerobic bacteria to convert manure and various organic waste types into methane gas and organic fertilizer. This biogas can be harnessed for thermal energy used in cooking and generating electricity, while the fertilizer supports agricultural productivity. By transforming organic waste into valuable resources, Sistema.bio enables farmers to turn a potential problem into opportunities for increased productivity and sustainability.

Kofa

Grant in 2024
Kofa is an automotive company that utilizes the latest electric battery and motor technology. The company aims to develop an affordable, sustainable and customer driven electric network in transformative energy, transport, and climate change around the globe. Kofa was founded in Ghana and is headquartered in Accra.

Mufin Green Finance

Grant in 2023
Mufin Green Finance is an Indian non-banking finance company that focuses on providing financial services primarily in the electric vehicle (EV) sector. The company specializes in offering various loan products, including used-car loans, personal loans, unsecured working capital loans, property loans, two-wheeler loans, and educational loans. Mufin Green Finance derives its revenue mainly from interest income generated through these financing activities. By concentrating on the burgeoning EV market, the company aims to support the transition to sustainable transportation while catering to diverse customer financing needs.

Kofa

Seed Round in 2023
Kofa is an automotive company that utilizes the latest electric battery and motor technology. The company aims to develop an affordable, sustainable and customer driven electric network in transformative energy, transport, and climate change around the globe. Kofa was founded in Ghana and is headquartered in Accra.

Yellow

Series B in 2023
Yellow is a fintech company dedicated to delivering impactful products and services to rural households through a wide-reaching sales network. The company specializes in the last mile distribution of affordable pay-as-you-go solar home systems, targeting low-income communities. By offering accessible energy solutions, Yellow aims to improve the quality of life for these households, promoting both financial inclusion and sustainable energy use in underserved areas.

Revfin

Debt Financing in 2022
RevFin, established in 2018, is an Indian digital lending company that provides convenient, accessible loans through its user-friendly platform. It offers a revolving credit line that customers can use and repay at their convenience, along with a rewards program that incentivizes on-time repayments, referrals, and app engagement. As of 2021, RevFin has funded over 12,000 loans with a low non-performing asset (NPA) ratio of less than 2%.

Nithio

Venture Round in 2022
Nithio Holdings is an energy finance company established in 2018 and headquartered in Washington, D.C. It specializes in providing data-driven financing solutions to small and medium-sized enterprises (SMEs) in the off-grid energy sector across sub-Saharan Africa. Nithio leverages a proprietary artificial intelligence risk analytics engine to support distributed energy service companies, capital providers, governments, and other stakeholders involved in the solar energy market. The company focuses on enhancing access to solar home systems, productive use appliances, agribusiness, and microfinance, thereby facilitating sustainable energy solutions in underserved regions.

d.light

Venture Round in 2021
D.light is a developer of solar home lighting and power products aimed at making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

AgroCenta

Seed Round in 2021
AgroCenta, founded in 2015 by former Esoko employees Francis Obirikorang and Michael K. Ocansey, aims to enhance the agricultural value chain in Ghana by addressing key challenges faced by smallholder farmers. The company has developed an online platform that connects these farmers directly to national markets, allowing them to sell their commodities at fair prices, thereby reducing reliance on exploitative middlemen. The platform also offers real-time commodity pricing and access to credit facilities. Additionally, AgroCenta has introduced a logistics solution known as TrucKR, which enables farmers in remote areas to easily access transportation services for their goods. This innovative approach not only empowers farmers by giving them control over their sales but also significantly improves their overall market access and economic outcomes.

Easy Matatu

Grant in 2021
Easy Matatu is a technology platform that facilitates safe, reliable, and clean transportation for commuters. Through its mobile application, users can easily book rides and select pickup points that are closest to their location. The platform aims to connect individuals with a network of dependable transportation options, enhancing the overall commuting experience. By prioritizing safety and convenience, Easy Matatu addresses the needs of modern travelers seeking efficient transportation solutions.

Ampersand

Grant in 2020
Ampersand is a company based in Kigali, Rwanda, that focuses on manufacturing affordable electric vehicles and charging systems specifically for motorcycle taxi drivers in East Africa. By providing a battery swap network and an operating system, Ampersand aims to make sustainable mobility more accessible and affordable in developing markets. The company's initiatives not only enhance the livelihoods of local drivers but also contribute positively to the environment. As of January 2024, Ampersand has attracted 2,000 customers who collectively travel 1.5 million kilometers weekly in Nairobi and Kigali, illustrating the growing demand for electric mobility solutions in the region.

Persistent

Series B in 2019
Persistent is a venture capital firm established in 2012 and based in Nairobi, Kenya. The company specializes in investing in and developing businesses in underserved markets, with a particular emphasis on early-to-growth-stage enterprises in sectors such as climate, renewable energy, e-mobility, agricultural technology, solar, and water. Persistent aims to provide operational and strategic support to exceptional entrepreneurs, facilitating access to essential services for low-income households, particularly in sub-Saharan Africa. The firm focuses on initiatives that enhance energy access, enabling customers to benefit from electric light, mobile phone charging, and other basic energy services. Through its venture-building model, Persistent seeks to generate both attractive financial returns and significant social and environmental impact.

Easy Matatu

Grant in 2019
Easy Matatu is a technology platform that facilitates safe, reliable, and clean transportation for commuters. Through its mobile application, users can easily book rides and select pickup points that are closest to their location. The platform aims to connect individuals with a network of dependable transportation options, enhancing the overall commuting experience. By prioritizing safety and convenience, Easy Matatu addresses the needs of modern travelers seeking efficient transportation solutions.

MAX

Venture Round in 2019
MAX is a company that specializes in providing motorcycle taxi and transport services, focusing on the last-mile delivery and online retail challenges in Africa. By utilizing mobile and web platforms, MAX connects consumers, retail businesses, and independent drivers in real-time, effectively removing logistical and technological barriers that have hindered retail growth on the continent. Additionally, MAX offers electric and low-emission vehicle subscription services tailored for commercial drivers, promoting financial freedom and wealth creation through vehicle ownership. The company aims to ensure that independent drivers have access to safe, reliable, and sustainable mobility solutions, thereby enhancing the overall transport landscape in Africa.

Sistema.bio

Series C in 2019
Sistema.bio is a manufacturer of prefabricated modular biodigester systems aimed at enhancing the efficiency and quality of life for small farmers. The company's systems utilize anaerobic bacteria to convert manure and various organic waste types into methane gas and organic fertilizer. This biogas can be harnessed for thermal energy used in cooking and generating electricity, while the fertilizer supports agricultural productivity. By transforming organic waste into valuable resources, Sistema.bio enables farmers to turn a potential problem into opportunities for increased productivity and sustainability.

Catalyst enable.digital

Seed Round in 2019
Catalyst enable.digital AG, founded in 2017 and headquartered in Zurich, Switzerland, specializes in information technology advisory and implementation services. The company addresses the data and IT challenges faced by high-growth social impact ventures. It offers a range of services including IT setup, consulting, design, implementation, and ongoing support and maintenance. Catalyst enable.digital serves various sectors such as financial accounting, customer service, credit portfolio management, sales, distribution, inventory management, solar energy, and business intelligence. The firm also develops digital technology and data management systems that facilitate seamless operations through secure data storage solutions, helping clients manage their data effectively and cost-efficiently.

SureChill

Grant in 2019
SureChill is a company that has developed an innovative cooling technology capable of maintaining a consistent temperature of 4ºC for extended periods without the need for power, utilizing the unique properties of water. Launched in 2011, its vaccine refrigerators have surpassed the stringent standards set by the World Health Organization, making them invaluable in the medical market. SureChill's technology is instrumental in vaccine preservation, with significant usage by organizations like UNICEF across 46 countries, thereby contributing to global health by ensuring effective vaccine delivery in developing regions. The company has garnered recognition for its impact on the vaccine cold chain, including a $1.5 million grant from the Bill and Melinda Gates Foundation aimed at enhancing this critical infrastructure.

Rent to Own

Seed Round in 2018
Rent to Own Ltd. is a company based in Lusaka, Zambia, founded in 2010, that focuses on providing affordable financing to small-scale entrepreneurs in rural areas. The company offers a range of essential assets, including refrigerators, hammer mills, and irrigation pumps, which are crucial for farming and food production. By implementing various rental arrangements, Rent to Own assists business owners in building their assets and expanding their services. The company tailors its offerings to meet the specific needs of each client, providing a guided asset selection process, direct distribution, and one-on-one training for equipment maintenance and usage. Additionally, Rent to Own employs a unique six-step loan process that mitigates repayment risk and ensures optimal use of the provided equipment, thereby supporting the growth potential of businesses in these rural communities.

Aavishkaar Capital

Venture Round in 2017
Aavishkaar Capital, established in 2001 and headquartered in Mumbai, India, is a pioneering venture capital firm. It specializes in early-stage investments, focusing on geographies and sectors often overlooked by traditional investors. Aavishkaar's portfolio spans across Asia Pacific and Africa, with a particular interest in finance, sustainable agriculture, and essential services. The firm's investment managers bring extensive experience in private equity and microfinance, aiming to transform non-banking financial companies (NBFCs) and mature microfinance institutions (MFIs) into successful startups.

d.light

Grant in 2017
D.light is a developer of solar home lighting and power products aimed at making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

SureChill

Grant in 2017
SureChill is a company that has developed an innovative cooling technology capable of maintaining a consistent temperature of 4ºC for extended periods without the need for power, utilizing the unique properties of water. Launched in 2011, its vaccine refrigerators have surpassed the stringent standards set by the World Health Organization, making them invaluable in the medical market. SureChill's technology is instrumental in vaccine preservation, with significant usage by organizations like UNICEF across 46 countries, thereby contributing to global health by ensuring effective vaccine delivery in developing regions. The company has garnered recognition for its impact on the vaccine cold chain, including a $1.5 million grant from the Bill and Melinda Gates Foundation aimed at enhancing this critical infrastructure.

Inficold

Pre Seed Round in 2016
Inficold specializes in providing reliable and cost-effective cooling solutions for the cold chain industry. The company focuses on solar-powered refrigeration systems, including solar cold storage and solar milk chillers, which operate without traditional electrical batteries. This innovative approach not only reduces the cost of ownership and operation but also integrates seamlessly with existing cooling hardware. Inficold's capabilities include the fabrication of customized steel structures, stainless steel housing, refrigeration units, and electronic control systems, allowing for tailored solutions to meet industrial cooling needs. The company's overarching goal is to establish itself as a global leader in delivering economical, clean, and sustainable energy storage solutions for cold chain applications.

d.light

Grant in 2016
D.light is a developer of solar home lighting and power products aimed at making clean energy accessible and affordable for rural and semi-urban populations. The company's offerings include a range of solar-powered devices such as lights, radios, televisions, fans, and other home appliances, all of which are part of rechargeable solar kits. These products are designed to improve health, increase productivity, and enhance the overall quality of life for users by providing reliable and sustainable energy solutions.

M-Kopa

Grant in 2014
M-KOPA is a company that offers connected asset financing solutions aimed at underbanked customers. Its platform integrates digital micropayments and Internet of Things (IoT) connectivity to provide access to essential products, including solar lighting, televisions, refrigerators, and smartphones. The platform is designed to be accessible, allowing customers to secure financing without the need for a credit history or collateral. By focusing on life-enhancing products and services, M-KOPA aims to improve the quality of life for individuals in underserved markets.
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