BioLite, a Brooklyn, NY-based based social enterprise known for turning cooking fires into electricity, raised $5m in growth capital.
The funding consisted of a Series B equity round led by Acumen with additional investment from Clif White Road Investments, RRE Ventures, and the Disruptive Innovation Fund, as well as debt and grant funding from Deutsche Bank and USAID. In conjunction with the funding, Acumen’s Chief Investment Officer Sachin Rudra, will be joining BioLite’s Board of Directors.
The company will use the funds to accelerate the expansion of its off grid energy products.
Founded in 2009 by Jonathan Cedar and Alec Drummond, BioLite develops, manufactures, and markets consumer energy products for off grid communities around the world. The company creates cooking, charging, and lighting solutions for both outdoor enthusiasts as well as rural families living in energy poverty. In March, the company launched the BioLite NanoGrid, expanding its technology portfolio to include rechargeable LED lighting and power storage.