D.light, a distributed solar provider has reportedly raised $41 million in equity financing. This round was led by an Africa-focused investment advisory firm that specializes in the energy sector known as Consortium Inspired Evolution.
Consortium partners include the Dutch Development Bank FMO, and also the government-sponsored investment funds Swedfund and Norfund.
This latest funding which enables expansion of the company’s solar and Pay-Go consumer finance business in Africa has brought the total amount of equity and debt that the company has raised in the past two years to over $100 million.
The funding round also enabled some of the company’s earliest investors to achieve an exit.
“We are thrilled to have Inspired Evolution as the newest funding partner in the d.light family,” said d.light co-founder and CEO Ned Tozun. “Their energy expertise and strong network add significant value to the work of d.light, allowing us to expand our product line, launch in new markets, and reach more customers.”
Wayne Keast, Managing Partner, at Inspired Evolution said,” We are excited to partner with d.light, the market leader in the portable solar product and off-grid solar home system market, to support the expansion of their Pay-Go solar business throughout Africa which will help address the needs of more than 600 million people that do not have access to electricity”.
Founded in 2007, the company has provided solar energy to more than 88 million people in 62 countries. Their extensive product line ranges from extremely affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television.
D.light’s solar solutions have won multiple international awards for their innovation and design and are sold through more than 30,000 outlets around the world—the largest existing distribution network for these types of products.