Inspired Evolution, an Africa-focused investment advisory firm that specializes in the clean energy sector, led a $41 million equity investment by its Evolution II Fund and other consortium partners into d.light, which manufactures and distributes award-winning solar lighting and power for the developing world, with the goal of reaching 100 million people by 2020. Evolution II invested $18 million alongside $10.6 million from the Dutch Development Bank FMO, $7.5 million from Swedfund and $5 million from Norfund.
d.light's founders, Sam Goldman and Ned Tozun (d.light)
This latest funding, which enables expansion of d.light's solar and Pay-Go consumer finance business in Africa, brings the total amount of equity and debt that d.light has raised in the past two years to over $100 million.
Wayne Keast, Managing Partner at Evolution II said, "We are excited to partner with d.light, the market leader in the portable solar product and off-grid solar home system market, to support the expansion of their Pay-Go solar business throughout Africa which will help address the needs of more than 600 million people that do not have access to electricity."
With a commanding market share in emerging markets in both Africa and Asia, the company's revenue and profitability continue to accelerate at an impressive growth rate. This investment combined with solid debt financing and receivables funding solutions will put the company on an even steeper growth trajectory.
Since its founding in 2007, d.light has provided solar energy to more than 88 million people in 62 countries. Their extensive product line ranges from extremely affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television. d.light's solar solutions have won multiple international awards for their innovation and design and are sold through more than 30,000 outlets around the world-the largest existing distribution network for these types of products.