About

It was with the goal to combine energy access with women empowerment that Francine Munyaneza founded MUNYAX ECO, a company aiming to become a key player in accelerating clean energy access and fostering women’s leadership and participation in Rwanda. Since its foundation in 2013, the company preserves its modus operandi of engaging in a gender-focused recruitment and sales strategy to increase female participation in the fight against climate change. To underpin this commitment, this 100% women-owned and led company provides training to the local youth and women, preparing a new cadre of women technicians and leading to an inclusive solar energy sector capable of tackling energy poverty.

Identifying water heating as a major energy consumer in African households, MUNYAX ECO’S activity started by supplying and installing solar water heaters to end-users in urban and rural Rwandese areas. The payment by instalment model proved successful, and it was soon well-appraised by the market together with a very satisfactory payment collection rate. Once established, the business progressively expanded its catalogue with solar home systems, solar LED street lighting, as well as solar systems for commercial, industrial, and productive use. Growth led to public recognition, culminating in the nomination of Francine Munyaneza amongst the top 10 finalists for the 2022 Africa’s Business Heroes Awards.

Despite these successes, the company faced difficulties in accessing much-needed finance, as local Rwandese banks are often risk-averse to investments in a relatively new market segment.

Our support

Seeking business development advice and financial expertise, MUNYAX ECO applied to the GET.invest Finance Catalyst after learning about the service through an advertisement.

The support started with a review of the business strategy, entailing a market analysis for the further conceptualisation of its products. This then served as the foundation for a growth strategy and a revised financial model. In parallel, support went into identifying funding opportunities and structuring an organised data room able to address financiers and investors’ information needs. After an introduction to potential financiers, the GET.invest Finance Catalyst advisors accompanied MUNYAX ECO through the investment negotiations, including due diligence and a company valuation for supporting the equity raise.

At an organisational level, the advisors also contributed to the hiring process of the CFO and assisted in building resilience in the management team of MUNYAX ECO.

The outcome

Our support has led to several transactions at financial close and it continues towards the total projected investment volume of 3.3 million EUR, which is projected to provide clean energy to half a million people and avoid the emission of 15 tons of CO₂ per year. The company is currently concentrated on attracting external equity and expanding its activities to neighbouring countries, including Burundi and the Democratic Republic of Congo. Towards this goal, GET.invest is now assisting MUNYAX ECO in a new financing series.

The cooperation between MUNYAX ECO and the GET.invest Finance Catalyst has resulted in successful fundraising, of approximately 30% of the company’s goal. In addition, it developed important business relationships with potential suppliers, some of which have also benefited from the GET.invest Finance Catalyst services.

Disclaimer: This story was last updated in January 2023.