The debt and equity round, which was led by Apis Growth Fund I, also saw the equity participation of existing investors Eight Roads Ventures and Bamboo Capital Partners, according to an official statement.
Debt investments included new disbursements from the company’s earliest institutional lenders, Deutsche Bank and Global Partnerships, as well as from SunFunder, PG Impact Investments, responsAbility and SIMA Funds, it added.
Freshfields acted as the legal advisor to Apis Partners.
Based in the US, Greenlight Planet operates out of 11 offices in 8 countries, across Africa and in India. With this latest funding, the company plans to expand its solar-energy product lines, distribution networks, and financing capabilities in Africa and Asia.
Founded in 2009, Greenlight produces Sun King branded solar-powered products including lighting, home energy systems, phone chargers, radios, fans, and soon-to-be-released televisions. The company claims to have nearly 30 million consumers in 62 countries.
“We look forward to drawing upon the expertise of Apis Partners to consolidate our market-leading position, building on our mission to connect off-grid, unbanked populations to power and to financing. This is a first step toward solutions for an expanded range of life necessities, from cookstoves to fans, TVs, and more,” said Anish Thakkar, Co-Founder of Greenlight Planet.
Last year, the company had has raised $5 million in its fourth round of funding led by Overseas Private Investment Corporation (OPIC), a US government development finance institution. Prior to that, it had raised $10 million in its third round of Series B financing from Fidelity Growth Partners.
In 2012, the company had raised $4 million in a Series A round led by global PE firm Bamboo Finance. Deutsche Bank and Seattle-based impact investing firm Global Partnerships.