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.
|Startup||Headquarter||Investment Size (US)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry|
|Palexy||Vietnam||$1 million||-||Access Ventures||Do Ventures||IT / Software|
|Wise AI||Malaysia||-||-||Sun SEA Capital||AI / Fintech|
|C-suite||Singapore||-||Seed||-||Angel investors, Don Tsai||Education|
|SolarHome||Myanmar||$2 million||Series A-2||TRIREC, Insitor Impact Asia Fund||Anthem Asia Myanmar SME Venture Fund, DPI Energy Ventures||Energy|
|Waresix||Indonesia||$3 million||Series B||MDI Ventures||Logistics|
|Colearn||Indonesia||$2.3 million||-||-||Leo Technology Fund VCC, S7 Investment Company, Surge Ventures, January Capital||Education|
|Rely||Singapore||$75 million||Finance facility||Polaris||Financial Services|
|Carsome||Malaysia||$30 million||Series D||Asia Partners||Burda Principal Investments, Ondine Capital||Transportation Services|
|FazWaz||Thailand||-||-||CAV Investment Group||500 Tuk Tuk, Aries Capital, Alpha Founders Capital||Property|
|Whizpace||Singapore||$918,000||-||Chinese angel investor, Suzhou government||Telecoms|