January 9^th, 2023 - Nairobi, Kenya.

‍In continuing to work towards sustainably bridging Africa’s digital divide, E3 Capital is proud to announce its investment in Badili Africa’s (Badili) Seed funding round. Badili provides access to top-tier smartphone brands for consumers in Kenya, Uganda and Tanzania, utilising local refurbishment to offer devices at a fraction of the price of new models without compromising quality. E3 Capital's investment through the E3 Low Carbon Economy Fund (E3 LCEF I) will strengthen its operational efficiency and propel Badili’s expansion into new markets beyond East Africa, enhancing Africa’s digital infrastructure by providing affordable access to consumer devices.These efforts will help Badili to continue its innovative work and strengthen its position in the industry.

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‍Rishabh Lawania, CEO and Co-Founder of Badili commented, “We are proud to welcome E3 Capital, a seasoned African VC, as the lead investor in our latest seed round. I am excited for the significant impact that this partnership will have on our business as well as the lives of thousands of aspirational African consumers who are looking to buy affordable and environmentally friendly electronics.”

‍Paras Patel, Managing Partner at E3 Capital added, "Supporting Badili Africa aligns with our ethos of fostering digital innovation while advocating for environmental sustainability. It's noteworthy that refurbished phones reduce associated CO₂eq emissions by 87% compared to new models,underscoring the positive climate impact of Badili's business. In just a short period, we have been impressed by Badili’s ability to scale the business model in Kenya, Uganda and Tanzania, striking partnerships with key stakeholders in the ecosystem.”

About Badili: Founded in 2021, Badili Africa is a reverse commerce ('re-commerce') company operating in Kenya, Tanzania, and Uganda. Recognising the need to formalise the grey market for refurbished phones in Africa, Badili aggregates, repairs, and reintroduces used or damaged mobile phones to the market through major e-commerce platforms, local trade partners and MNOs.To learn more about Badili Africa visit: https://badili.ke/

‍About E3 Capital: E3 Capital is a leading investor in early-stage businesses enabling digitised,decentralised, and decarbonised business models across Africa. Presently, E3 Capital oversees two Pan-African funds: The Energy Access Ventures Fund with focus on energy access and productive use of energy and The E3 Low Carbon Economy Fund with focus on climate tech and digital infrastructure. The team at E3 Capital is young, diverse and committed to the future of the low carbon economy. With its core team based out of Africa, E3 Capital is uniquely positioned to help companies grow and scale, without compromising global sustainability ambitions. The team backs forward-thinking entrepreneurs endeavouring to bridge the gap between climate transition and growth in emerging markets with green energy as the enabler of these products and services. To learn more about E3 Capital visit: https://e3-cap.com/

Cygnum Capital is the AIFM of E3 LCEF and has teamed up with E3 Capital as Fund Adviser to promote entrepreneurs that focused on climate smart technologies and connectivity.