|
|
|
|
|||||||
|
|
|
Eco Investor October 2016 Unlisted Companies Pangaea Impact Investments Invests in Pollinate EnergyA leading Australian social enterprise that is bringing solar energy to the makeshift slums of India has won an investment from Pangaea Impact Investments. Pollinate Energy sells products such solar lights and water filters to the very poor in four Indian cities. Its best selling product is an environmentally friendly solar light that reduces the harmful effects of kerosene and over time is significantly cheaper. People purchase the solar lights from a locally employed workforce of micro entrepreneurs called ‘Pollinators'. The solar lights cost $30 and the people can pay them off over five weeks using their kerosene money. This year more than 100,000 people will die in Indian slums as a direct result of toxic kerosene poisoning, says Pollinate. Using kerosene for lighting also has a serious impact on children's health and education and is a significant cost for poor families. Solar lights can solve these problems. They can also give people the ability to work longer hours and earn more income, children to study in the evening, and families to save money that would otherwise be spent on kerosene. Pollinate trains the local Pollinators to work in the urban slums as door-to-door sales agents, and supports these micro-social businesses. Pollinate Energy was founded by six young Australians in 2012. In that time it has sold over 17,000 products and helped over 70,000 people. Its work has been recognized by the United Nations. Although Pollinate did not disclose the size of Pangaea's investment, it said it is growing strongly and is close to achieving profitability in some of the cities. Pangaea Impact Investments is a boutique investment company that focuses on direct impact investments in social enterprises. It also provides expertise in strategic planning, business model design and operational execution. Alexie Seller, co-founder and chief operations officer for Pollinate said "This investment is critical in assisting Pollinate to scale our in-country resources that will further drive the long-term sustainability of the company. Pangaea was an obvious choice for us. It is clear that we share a common mission in trying to build successful social enterprises and seed the next generation of social entrepreneurs." Pangaea was founded by Anthony and Karen Bohm in 2015. Prior to this, Anthony and Karen were founding investors in Think: Education Group and Open Colleges Australia. Karen Bohm said "Pollinate's social impact is remarkable and multi-faceted – from the environmental benefits of clean energy, the health benefits to the urban poor and the economic empowerment of the local Pollinators. In addition, Pollinate is also a catalyst for the development of other social enterprises in Australia. Through their International Fellowships (for university students and professionals) Pollinate provides a unique opportunity for Australians and internationals to gain first-hand insight and experience into the operations of a growing and successful social enterprise." Pangaea believes society needs to harness the power of markets, entrepreneurship and private capital to tackle the significant challenges that face society and achieve social transformation. Pangaea's focus is on social enterprises that seek to find innovative solutions to increase language, literacy and numeracy; improve accessibility to education and training; accelerate employment, particularly in disadvantaged groups; and reduce poor health and disease.
|
|
Search Eco Investor |
