Singapore startup SolarHome raises $10m debt from crowdfunding platforms

Photo: SolarHome.

Singapore-based solar energy startup SolarHome announced that it has raised $10 million in debt financing from a consortium of investors including Japan-based cross-border crowdfunding platform Crowdcredit and Sweden-based crowdfunding platform Trine, it said in a statement on Wednesday.

The investment follows on the $4.2 million raised via convertible notes earlier this year from Trirec, Insitor Impact Asia, Beenext, and a group of Singapore-based family offices.

The new capital will enable the startup to accelerate its expansion across Myanmar. Having already installed close to 28,000 solar home systems, the startup aims to reach 100,000 homes with its product packages by end of 2019.

“Accessing debt finance on such a scale at this stage in our development has significantly outperformed our expectations. The new funding will enable us to accelerate our growth in 2019 and bring clean energy to hundreds of thousands of off-grid households in Myanmar,” said SolarHome co-founder and CEO Ted Martynov.

Launched in 2017 and backed by fintech venture builder FORUM, SolarHome has been expanding its product offerings with an aim to impact the overall livelihoods and financial inclusion of those living off-grid in rural Myanmar. It has been installing its pay-as-you-go (PAYG) solar for off-grid homes at a rate of about 3,000 units each month.

The World Bank Group’s Lighting Global Program and the Global Off-Grid Lighting Association (GOGLA) found that between 2012 and 2017, companies using the PAYG model accounted for about 85 per cent of growth in off-grid solar investments.

The PAYG model is expected to continue fuelling the growth of solar home systems through 2022.

Also read:

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

Singapore’s SolarHome closes $2m funding, eyes $4m Series B in Q3

Uberis Capital leads pre-Series A investment in Singapore energy startup SolarHome

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.