SolarHome, a Singapore-based provider of Pay-As-You-Go solar for off-grid households, raised $1m in funding.
This came in the form of a convertible note offering with impact venture capital firm Insitor Impact Asia Fund.
The company, which has raised $5m to date, intends to use the funds for network expansion across Myanmar, entry into more premium products, and expansion into Indonesia and Cambodia by year end.
Led by Ted Martynov, chief executive officer, SolarHome offers Pay-As-You-Go (“PAYG”) Solar for off-grid households in Southeast Asia. The company
installs the IFC-World Bank’s Lighting Global certified integrated solar energy and appliance units in customers’ homes and offers affordable “rent-to-own” plans of energy service subscription.
Seeded and developed by FORUM, a fintech venture builder in Emerging Asia, and backed by TRIREC, BeeNext, Uberis Capital, and angel investors, including Singaporean businessman Koh Boon Hwee, among others, the company currently distributes its off-grid systems via 20 sales hubs across central Myanmar and has installed more than 15,000 homes with its systems.
It has over 350 employees that includes an extensive team of field sales representatives and installers.