Myanmar-focused SolarHome raises $2m and other SEA deals

Weekly deal monitors that capture prominent venture capital transactions in Southeast Asia, Greater China, and India.

SolarHome, a Singapore-headquartered solar energy startup that serves off-grid households in Myanmar, has raised a total of $2 million in its Series A-2 equity round co-anchored by Singapore investment holding firm Trirec and Insitor Impact Asia Fund.

The startup said existing investors Great Noble and Forum and new investors Anthem Asia Myanmar SME Venture Fund, one of the leading institutional investment funds in Myanmar, and DPI Ventures, a renewables-focused investment fund in Asia, also participated in the funding round.

Launched in 2017, SolarHome has been expanding its operations in Myanmar and so far has installed over 35,000 solar home systems in the country. It has raised a total of over $8 million in debt and equity financing.

The company said it has shown strong operational performance and resiliency in 2020, navigating numerous COVID-19 waves and corresponding shutdowns in the country. Over the past six months, SolarHome has provided solar energy solutions to an additional 4,800 rural households.

The new financing will help scale SolarHome’s business, according to the startup’s CEO Geert Jan Ten Hoonte.

“The new capital serves as a strong validation to the correctness of our strategy, which has enabled us to bring operations closer to EBITDA breakeven since the beginning of this year despite a very challenging environment,” Hoonte said.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in Southeast Asia in the week beginning December 7, 2020.

Expand Table

StartupHeadquarterInvestment Size (US)Investment StageLead Investor(s)Other Investor(s)Industry
PalexyVietnam$1 million-Access VenturesDo VenturesIT / Software
ShopavisionSingapore$374,000Seed--E-commerce
Wise AIMalaysia--Sun SEA CapitalAI / Fintech
C-suiteSingapore-Seed-Angel investors, Don TsaiEducation
SolarHomeMyanmar$2 millionSeries A-2TRIREC, Insitor Impact Asia FundAnthem Asia Myanmar SME Venture Fund, DPI Energy VenturesEnergy
WaresixIndonesia$3 millionSeries BMDI VenturesLogistics
ColearnIndonesia$2.3 million--Leo Technology Fund VCC, S7 Investment Company, Surge Ventures, January CapitalEducation
RelySingapore$75 millionFinance facilityPolarisFinancial Services
CarsomeMalaysia$30 millionSeries DAsia PartnersBurda Principal Investments, Ondine CapitalTransportation Services
FazWazThailand--CAV Investment Group500 Tuk Tuk, Aries Capital, Alpha Founders CapitalProperty
WhizpaceSingapore$918,000-Chinese angel investor, Suzhou government Telecoms
DiverselySingapore$200,000Pre-seed-Angel investorsIT

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.