d.light Design Inc., a San Francisco-based solar lighting and power products company with operations in India, has raised $41 million in equity financing from a consortium led by Inspired Evolution, an Africa-focused investment advisory firm.
Other members in the consortium include Dutch Development Bank FMO, as well as government-sponsored investment funds Swedfund and Norfund, the company said in a statement on Monday.
The latest funding brings the total amount of equity and debt that d.light 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, it added.
The new equity funding will enable d.light to expand and accelerate its growth rate as well as provide energy access to millions of people in Africa.
Commenting on the investment from Inspired Evolution, d.light co-founder and CEO Ned Tozun said, “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.”
Through five distribution hubs in East Africa, West Africa, India, Southeast Asia, and the United States, d.light claims to have provided solar energy to more than 88 million people in 62 countries. Its product line ranges from portable solar lanterns to solar home systems that have the ability to power multiple lights, mobile phones, and small appliances, including a flat-screen television.
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.”
Inspired Evolution, with offices in Cape Town, London, Nairobi and Mauritius, advises two investment funds, Evolution One and Evolution II. Its investment territory covers the sub-Saharan African region.