In a significant boost to Nigeria's renewable energy sector, Earthbond, a Lagos-based startup, has secured a $200,000 pre-seed funding from Madica, an Africa-focused early-stage investment firm. This investment will enable Earthbond to onboard more small and medium-sized businesses (SMBs) and provide them with financing options to transition to solar power.

Earthbond's innovative platform connects SMBs with solar solution providers, offering a seamless experience for businesses to adopt clean energy. With over 1,800 SMBs already on its waitlist, the startup is poised to make a significant impact on Nigeria's energy landscape.

The funding will also support Earthbond's plans to tap into the climate tech industry, helping businesses track their carbon emissions and offering discounts based on their carbon savings. This move is expected to incentivize businesses to choose environmentally friendly options, contributing to Nigeria's goal of increasing its installed solar capacity from 3.13 gigawatts to 5.01 gigawatts by 2029.