SolarHome, a Myanmar-based Pay-As-You-Go solar company, raised US$10m in debt funding.
Backers included Crowdcredit, a cross-border crowdfunding platform based in Japan, and Trine, a Sweden-based crowdfunding platform for off-grid solar. The investment followed on the US$4.2m in convertible note funding raised in 2018 from international investors, including Trirec, Insitor Impact Asia, Beenext, and a group of Singapore-based family offices.
The company intends to use the funds to accelerate expansion across Myanmar.
Led by Ted Martynov, chief executive officer and co-founder, SolarHome is a pioneer in Pay-As-You-Go solar for off-grid households in Southeast Asia.
The company, which has already installed close to 28,000 solar home systems, aims to reach 100,000 homes with its product packages that include budget, basic and premium solar system bundles for lighting and phone charging purposes, as well as TV bundles.
SolarHome was seeded and developed by fintech venture builder FORUM.