VidaGas propane energy company secures $1.4M investment from Oasis Fund
SAN FRANCISCO, Sept. 1 /PRNewswire-USNewswire/ -- VillageReach, the Seattle-based social enterprise that increases access to healthcare for remote last mile communities, and the Foundation for Community Development (FDC), a Mozambique non profit that strengthens the capacities of underprivileged communities, today announced that the Oasis Fund, a European commercial investment fund specializing in social entrepreneurship, has committed a $1.375 million investment in VidaGas, a VillageReach-FDC-owned propane energy company.
The announcement was made at SoCap09, the annual conference bringing together a unique mix of the world's top social innovators, investors and entrepreneurs to discuss social business development practices and opportunities. Craig Nakagawa, VillageReach CFO, and Keely Stevenson, Investment Executive at Bamboo Finance, advisors to the Oasis Fund, will make a joint presentation at the conference on September 2, titled VidaGas: Anatomy of a Social Investment.
The Oasis investment is a landmark transaction that will enable VidaGas to expand its customer base and energy service offering to significantly impact people in remote areas of northern Mozambique. Established in 2002, VidaGas was created to support the health system improvement program developed by VillageReach and FDC. The program has served more than 260 health centers and a population of over 5 million in remote communities in Mozambique. Propane enables the provision of critical health services, including vaccinations, equipment sterilization and night-time birthing. Without reliable energy supply from VidaGas, equipment failures and lack of inventory would have continued to negatively impact the health system.
More than 80% of Mozambique's population is rural and depends on charcoal and woo
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