Sun King, a provider of solar energy products for off-grid homes in Africa and Asia, raised additional $70M in an extension of its Series D round.
The round was led by LeapFrog Investments. This investment is an extension of Sun King’s initial $260M Series D, which was led by General Atlantic’s BeyondNetZero and M&G Investments in April 2022. This extension includes $38M of additional primary investment. As part of the transaction, LeapFrog will join the board, which now includes representatives of other Series-D investors General Atlantic and M&G Investments, as well as Prabha Sinha, the company’s first investor.
The company intends to use the funds to make consumer-financed solar power available to consumers across Africa and Asia.
Founded in 2007, Sun King is a solar energy company with product design, financing, and a grassroots installation model to provide energy to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity. Today, Sun King operates a large direct-to-consumer, pay-as-you-go (PAYG) solar distribution network, delivering solar to 165,000 homes per month across eight countries of operation in Africa. In Kenya, where Sun King has operated for over a decade, more than one in five people in the country now use Sun King for light and power, with 22 million Kenyans served to date.
The company’s products have so far provided light and power to 95 million people who lacked access to reliable electricity.
FinSMEs
15/12/2022