Solar kit provider d.light is once again raising funds. This round led by Inspired Evolution has raised $15 million from several investors.
As part of its expansion strategy, solar kit provider d.light is raising funds; it’s second since the beginning of the year. This time, the San Francisco-based company (in the United States of America) has secured $15 million in a funding round organized by Inspired Evolution. The investment company participated in this financial mobilization through its Evolution II fund.
Funding was also raised from a number of financial institutions including the Netherlands Development Finance Company (FMO), Norwegian Investment Company Norfund and Swedfund, the Swedish government’s financial institution. Shell New Energies also participated in d.light’s fundraising alongside KawiSafi Ventures, an impact fund dedicated to East African countries.
Impacting 1 billion lives by 2030
The funds raised are in addition to the $10 million obtained in May 2021 from Proparco, the subsidiary of the French Development Agency (AFD) group responsible for private sector financing. With $25 million raised in a few months, d.light intends to finance the expansion of its activities in its main markets, particularly in Africa south of the Sahara.
Read also- AFRICA: Proparco invests $10M in solar kit supplier d.light
The company distributes solar-powered lighting equipment ranging from solar home systems to solar lanterns. Its equipment is having a real impact in Africa, where nearly 600 million people still lack access to electricity. The company co-founded by Ned Tozun and Sam Goldman combines its lighting kits with other equipment such as televisions and cell phones. The equipment is distributed through a pay-per-use system widely used by solar kit providers in Africa.
The company, which already has 30,000 points of sale, wants to conquer new markets. “We are now in a strong position to accelerate our plans to expand our Pay-Go operations and enter new product categories and markets in the near future,” says Ned Tozun, the managing director of d.light. The solar kit provider wants to impact the lives of 1 billion people by 2030. D.light has already distributed its solar kits to 100 million people.
Jean Marie Takouleu
