Singapore Solar energy startup SolarHome raises $1.2m in funding
Renewable energy is undoubtedly the investment world's new buzz word.
Launched in 2017 and based in Singapore, SolarHome is an electricity company with a difference. Offering a pay-as-you-go model for its solar systems in South East Asia, to date, the company have a presence in 4000 homes and employs over 150 people.
In their latest round of funding, SolarHome have recently raised $1.2 million through backers including local venture capital firm, Bennext, angel investor Koh Boon Hwee and impact-focused family firm, X Capital Ventures. This takes their total value of funding up to $2.3 million to date, with the last round closing in October last year.
Speaking of their latest round of funding, SolarHome said that they would use this latest cash injection to expand their Pay-as-you-go solar product line and distribution network in Myanmar, one of it’s largest growing markets.
“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,” saidTed Martynov, chief executive officer and co-founder of SolarHome while Dirk Van Quaquebeke, managing director of Beenext added “Myanmar is an exciting market for us and SolarHome is in a unique position to capitalise on the massive opportunity set in a country that sits at the intersection of microfinance and energy access.”
With renewable energy at the front of many investors minds, The World Bank have been said to have estimated that the solar industry has raised over $773 million in investments in the past five years.