IGNITE HOLDING COMPANY INC.
Status: Completed investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Kingo Inc. (Kingo), tradename for Ignite Holding Company, is the first commercial venture in Central America rolling out off-grid prepaid energy solutions for households. Kingo installs solar home systems which remain the company’s property and distribute prepaid energy credit through local distributors (shopkeepers). Customers can purchase energy credits according to their budget and their energy needs.
What is our funding objective?
FMO provides CD funding for two projects, each consisting of two tiers, to scale up Kingo’s operations: Project 1 concerns the development of a two-tiered mobile application called Kingo University, including Tier I, the Training Tool for online training of Kingo employees, and Tier II, the Innovation Hub, to source bottom-up innovation and ideas. Project 2 concerns the development of Kingo’s Software Security, including Tier I, the Security Architecture, to secure Kingo’s (customer) data, and Tier II, the Security Processes, to protect Kingo from cyber-attacks and educate its personnel on cyber security.
Why do we fund this investment?
As an innovative start-up in the energy space, Kingo faces two major challenges: one internally (training of a fast growing number of staff), and one external (vulnerability of its software systems). Kingo University creates a new, more scalable, professional and interactive way to share knowledge among employees and enables further expansion in the market through the structuring of innovation. The Software Security project enables Kingo to secure customer data and payments; improve Kingo’s Management Information System, enable improvement of Risk Management Technology; and protect the company from cyber-attacks. Both projects are in line with FMO’s objective to help its clients with their professionalization; share knowledge and networks; as well as supporting innovative ways of doing business in emerging markets. The projects support technical innovations for an inclusive business model in the off-grid energy industry, which fits FMO’s ambitions.
More investments
| Date | Total FMO financing |
|---|---|
| 3/24/2016 | USD 2.00 MLN |
- Region
- Latin America & The Caribbean
- Country
- Guatemala
- Sector
- Energy
- Effective date
- 3/13/2017
- End date
- 10/23/2018
- Total FMO financing
- EUR 0.08 MLN
- Funding
- ForeignAffairs - CD
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B