Myanmar-focused startup SolarHome raises $1m from SG-based Trirec

Solar panels being cleaned. Photo: Reuters

SolarHome, a Singapore-headquartered solar energy startup that serves off-grid households in Myanmar, has secured a $1-million equity investment from existing investor Trirec, a Singapore-based investment holding company that targets renewable energy and clean technology investments.

The follow-on financing by Trirec forms the first tranche of SolarHome’s Series A fundraise that it intends to close within the next quarter.

In early 2018, SolarHome raised $4.2 million via convertible notes from Trirec, Insitor Impact Asia, Beenext and a group of Singapore-based family offices.

In December last year, SolarHome raised an additional $10 million debt financing from a consortium of investors including Japan-based cross border crowdfunding platform Trine.

The company was seeded by fintech venture builder FORUM.

Launched in 2017, SolarHome has been expanding its operations in Myanmar and so far, the company claims it has installed over 30,000 solar home systems in the country.

The company aims to reach up to 100,000 home installations by the end of 2019. The company has also been installing pay-as-you-go (PAYG) soalr for off-grid homes in Southeast Asia.

SolarHome also announced the appointment of Greg Krasnov, the chairman and founder of SolarHome, and CEO of FORUM as the company’s CEO. Previously, Ted Martynov led the company as the CEO. Martynov will continue to support SolarHome as a senior adviser.

At the same time, Geert-Jan ten Hoonte, a senior adviser, board member and angel investor in SolarHome has been appointed as president and COO of the company.

Hoonte was most recently the CEO of major Asian consumer lenders, Home Credit Vietnam and EasyCredit Vietnam.

“They (Krasnov and Hoonte) have been deeply involved in the business from the start, bringing a depth of strategic vision and understanding of SolarHome and the complexities of delivering energy and financial access in a country with significant infrastructural challenges,” said Martynov.

Also Read:

Singapore startup SolarHome raises $10m debt from crowdfunding platforms

SG’s SolarHome secures additional $1m from Insitor Impact Asia Fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.