SunFunder, a San Francisco and Tanzania-based emerging market solar finance company, closed a $2.5m Series A equity round of funding.
Backers included Khosla Impact, Schneider Electric, and Better Ventures.
The company intends to use the funds to to expand its capacity in local markets and substantially grow its loan portfolio.
Led by Ryan Levinson, CEO, SunFunder provides short-term, working capital and project finance loans for solar home systems, micro-grids and commercial solar projects in emerging markets. The company raises debt capital through the Solar Empowerment Fund, offering accredited investors a risk-reduced, fixed-income investment opportunity in diverse portfolios of high-impact solar loans across multiple countries and solar technologies.
The company has financed $1.3m of solar projects, with 14 solar companies in 6 countries, and maintains a zero percent default rate. In the next three years, it aims to raise and deploy $100 million into solar projects around the world.