A Singapore-based start-up that provides pay-as-you-go ( solar services to off-grid households in South-east Asia has snagged US$1.2 million (S$1.58 million) in new growth capital.
The funding for SolarHome was raised via an issue of convertible notes to a consortium of investors, the firm said yesterday.
Investors in this funding round include Mr Koh Boon Hwee, a prominent Singaporean angel investor and former chairman of Singtel, DBS Bank and Singapore Airlines, Beenext, a local early-stage venture capital firm and an existing investor in SolarHome, and investment group X Capital Ventures.
SolarHome said it will use the new capital to expand its solar product line and distribution networks in Myanmar and develop a strong underwriting function to supplement a growing balance sheet.
It operates out of seven hubs in Myanmar, employing more than 150 field sales representatives and installers.
The company has installed systems in over 4,000 households in the Ayeyarwady Delta region in rural Myanmar since its official launch in January last year and has been reportedly doubling its monthly installation rate in the last six months.
Chief executive and co-founder Ted Martynov said: "We have a large target market of eight million households in Myanmar alone, and we are confident this round of capital will enable us to stay on course to bring affordable renewable energy to over 40,000 households by end-2018."
Investors in this funding round include Mr Koh Boon Hwee, a prominent Singaporean angel investor and former chairman of Singtel, DBS Bank and Singapore Airlines, Beenext and investment group X Capital Ventures.