d.light has secured $22.5 million to grow its PayGo business globally and support its mission of providing Solar energy solutions for households and small businesses around the world.
The company raised the funds in the following manner:
- $15 million in Series D equity from KawiSafi Ventures Fund, Energy Access Ventures, Omidyar Network and NewQuest Capital Partners
- $2.5 million debt funding through SunFunder
- $5 million in grant funding from a group of contributors including Shell Foundation, the U.S. Agency for International Development – Development Innovation Ventures (USAID-DIV) and United Nations Capital Development Fund (UNCDF)
d.light is a global leader in solar-powered solutions for people without access to reliable electricity. It is also the largest distributed solar lighting brand for households and small businesses in off-grid communities.
With this new funding, d.light will focus on ramping up sales for its D30 solar home system, as well as bringing new products to market that can power other appliances, like TVs and fans.
“We’re extremely grateful for the partnership of such esteemed investors as we work to make solar and energy available for all households in the developing world,” said d.light CEO Ned Tozun. “Our solar products have enabled tens of millions of customers to significantly enhance their homes and supplement their incomes. With this funding, we look forward to helping even more people living off the grid to achieve better quality of life through solar ownership.”
Currently, d.light operates five distribution hubs in East Africa, West Africa, India, Southeast Asia and the United States.
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