Singapore: Solar energy startup SolarHome raises $1.2m

Singapore-headquartered SolarHome, which offers pay-as-you-go (PAYG) solar for off-grid households in Southeast Asia, announced that it had raised another $1.2 million in growth capital via convertible notes to a consortium of backers, including local venture capital firm and return backer Beenext.

Other investors participating in this round include  X Capital Ventures, an investment group focused on seed to Series B ventures, and angel investor Koh Boon Hwee. Koh was formerly chairman of Singapore Telecom, DBS Bank and Singapore Airlines.

In a statement, SolarHome said it will use the fresh capital to expand its PAYG solar product line and distribution networks in Myanmar, and develop a strong underwriting function to supplement a growing balance sheet.

“We have a large target market of eight million households in Myanmar alone, and we are confident this round of capital will enable us to stay on course to bring affordable renewable energy to over 40,000 households by end 2018,” Ted Martynov, chief executive officer and co-founder of SolarHome, said.

Launched in January 2017 and headquartered in Singapore, SolarHome has installed systems in over 4,000 households in the Ayeyarwady Delta region, operating out of seven hubs in Myanmar. It employs over 150 field sales representatives and installers in the country.

“Myanmar is an exciting market for us and SolarHome is in a unique position to capitalise on the massive opportunity set in a country that sits at the intersection of microfinance and energy access,” said Dirk Van Quaquebeke, managing director of Beenext.

A World Bank report quoted by SolarHome said the global PAYG solar industry has attracted over $773 million in funding over the last five years.

SolarHome’s PAYG scheme allows customers to purchase energy tokens for daily, weekly or monthly top-up credits, either through scratch cards or mobile money. The ownership of these systems will be automatically unlocked and transferred to the customer after two years.

SolarHome has raised over $2.3 million in funding to date, having secured its seed capital from FORUM, the largest fintech venture builder in Emerging Asia. The startup secured its first debt funding from online platform lender Kiva in October last year, shortly after having closed an oversubscribed pre-Series A equity funding round of $625,000 led by impact venture capital firm Uberis Capital.

Also Read:

Indonesian solar panel producer Sky Energy taps IPO route to raise $6.8m

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.