d.light solar raises $15 million to fund expansion
d.light, a innovator of solar, lighting and sustainable products, has announced that it had raised $15 million of equity financing from existing investors, led by Inspired Evolution.
This latest round of funding, in addition to the USD $10 million raised recently from Proparco in May, brings the total to $25 million raised this year by the company, underscoring the confidence investors have in the industry and d.light despite the pandemic.
This capital raise will bolster the company’s plans to continue growing its PayGo consumer finance business in key markets across Africa.
“We are grateful for the continued support of our investors during these uncertain times. Thanks to our focus on financial discipline and operational excellence, d.light minimised the pandemic’s impact to our business. We are now in a strong position to accelerate our plans to expand our Pay-Go operations and enter new product categories and markets in the near future,” said d.light co-founder and CEO Ned Tozun.
Inspired Evolution led the USD 15 million round, supported by Evolution II, Shell New Energies, FMO, Norfund, Swedfund, and KawiSafi Ventures. On the investment, Wayne Keast, Co-Managing Partner of Inspired Evolution said, “We are pleased to support the company with additional capital for growth and to secure the support from many of the existing shareholders during these difficult Covid-19 times.”
After reaching its founding goal of impacting 100 million lives by 2020, d.light has embarked on another ambitious journey to impact 1 billion lives by 2030 with transformative products.
The company provides customers with a broad portfolio of sustainable solutions, ranging from portable solar lanterns to financed solar home systems and related aspirational products, such as smartphones and televisions. d.light’s award-winning products are sold through over 30,000 outlets.
