d.light raises $15m to expand Pay-Go operations across Africa

d.light - cleanbuild

d.light raises $15m to expand Pay-Go operations across Africa

d.light, a global innovator of solar, lighting, and sustainable products, has secured a $15m investment to bolster its Pay-Go model; and enter new product categories and markets across Africa.

The round was led by Inspired Evolution via its Evolution II Fund with participation from Shell New Energies, FMO, Norfund, Swedfund, and KawiSafi Ventures.

Having raised a $10m round from Proparco earlier in May, these new funds bring the total amount raised by d.light solar to $25m this year.

In spite of the pandemic which has negatively impacted many businesses, this fundraising underscores the confidence investors have in the renewable energy industry and in d.light.

Wayne Keast, Co-Managing Partner of Inspired Evolution, said, “We are pleased to support the company with additional capital for growth and to secure the support from many of the existing shareholders during these difficult Covid-19 times.”  

Marching on to bigger goals

Co-founded in 2006 by Sam Goldman and Ned Tozun, d.light is renowned for providing the most reliable, affordable, and accessible solar lighting and power systems for people in the developing world.

In 2020, d.light solar crossed a milestone after reaching its goal of impacting 100 million lives by the end of that year. The company has now embarked on another ambitious journey to impact 1 billion lives by 2030 with transformative products.

To date, the clean energy leader provides customers with a broad portfolio of sustainable solutions, ranging from portable solar lanterns to financed solar home systems and related aspirational products, such as smartphones and televisions. The company claims that its award-winning products are sold through over 30,000 outlets.

Commenting on their latest fundraising, d.light co-founder and CEO Ned Tozun, said,  “We are grateful for the continued support of our investors during these uncertain times. Thanks to our focus on financial discipline and operational excellence, d.light minimized the pandemic’s impact on our business.” 

According to Tozun, d.light solar is well-positioned to expand its Pay-Go operations and enter new product categories and markets in the near future.

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