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

Photo: SolarHome

Singapore-based solar energy startup SolarHome has announced raising an additional $1 million via a convertible note offering from impact venture capital firm Insitor Impact Asia Fund.

The latest funding, which brings SolarHome’s total funding to date to $5 million, will be used for network expansion across Myanmar, the launch of more premium offerings, and a planned expansion into Indonesia and Cambodia by the year-end, the company said in a statement.

Founded in January 2017 and backed by fintech venture builder FORUM, SolarHome’s distribution network has expanded to over 20 hubs and its off-grid system has been installed in over 15,000 homes.

Its first convertible offering raised about $1.2 million in February while the second one raised more than $2 million, according to the company, which offers Pay-As-You-Go (PAYG) solar power to off-grid households in Southeast Asia.

Its ‘rent-to-own’ model provides customers access to financing that would not otherwise be available and increases the affordability of quality off-grid solar solutions, the company said.

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, according to a World Bank report.

“The company is a natural fit to our current microfinance and renewable energy portfolios. Moving forward, we see valuable synergies between SolarHome and our existing investments and networks that will help to accelerate its strategy to grow and gain a firm foothold in the Southeast Asia region,” said Bradley Kopsick, Myanmar country manager at Insitor.

Insitor Impact Asia Fund is a social venture capital fund that provides financing to social businesses in emerging and frontier markets. It supports early-stage companies that have the potential to improve the living standards of low-income communities.

Also Read:

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

Forum Capital-backed SolarHome to invest $25m in Myanmar over five years

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.