What is Compete?
COMPETE is a specialized competence platform dedicated to advancing bioenergy implementation within arid and semi-arid regions of Africa. Its core mission is to enhance the quality of life and generate alternative income streams for rural populations, while simultaneously contributing to ecosystem preservation. The platform serves as a crucial nexus for policy dialogue, capacity building, and knowledge exchange between the European Union and developing nations. Co-funded by the European Commission and coordinated by WIP-Renewable Energies, COMPETE is positioned as a key enabler of sustainable development and energy solutions in challenging environments.
How much funding has Compete raised?
Compete has raised a total of $23M across 2 funding rounds:
Series B
$13M
Series C
$10M
Series B (2003): $13M with participation from Chicago Growth Partners, North Hill Ventures, Charles River, and St. Paul Venture Capital
Series C (2007): $10M led by Split Rock Partners, William Blair, Charles River, and Idealab
Key Investors in Compete
Split Rock Partners
Split Rock Partners is a venture capital firm specializing in software, internet services, and healthcare companies across all development stages, with a focus on cloud services, enterprise software, and big data analytics. They are known for building strong relationships with management teams to address scaling challenges.
Chicago Growth Partners
Chicago Growth Partners is a firm with over 25 years of experience partnering with management teams to facilitate growth objectives, focusing on Education, Healthcare, Tech-Enabled Services, and Industrial Technology sectors.
Idealab
Idealab is a manufacturer of custom Fourier Transform Infrared Spectrometers for scientific research, providing rugged and reliable instruments for laboratory and field use, including harsh environments.
What's next for Compete?
The substantial enterprise-level funding indicates Compete is likely in a scaling or expansion phase, moving beyond initial development. This capital injection is expected to fuel the platform's reach and impact across more regions in Africa, potentially enhancing its policy dialogue capabilities and capacity-building programs. Further strategic investments may focus on technological integration for bioenergy solutions or expanding partnerships with governmental and non-governmental organizations to accelerate adoption and sustainability. The company's trajectory suggests a focus on solidifying its role as a leader in sustainable energy initiatives within its target geographies.
See full Compete company page
