d.light, a leading innovator of solar energy products, announced today that it had raised US$7 million in equity financing from OP Finnfund Global Impact Fund I.
This latest round of funding will help the company expand its solar and Pay-Go consumer finance businesses across Africa.
Commenting on the investment, d.light co-founder and CEO Ned Tozun said, “We are excited to have OP Finnfund Global Impact Fund I as a d.light shareholder. The fund’s alignment with our mission and commitment to job creation and development makes them an ideal partner for d.light as we begin our next phase of growth.”
“We have great confidence that we will continue to accelerate and deepen this impact, as we expand our geographic footprint and product portfolio to delight our customers. The future is truly bright for d.light and the off-grid solar industry as a whole.”
“OP Finnfund Global Impact Fund I targets substantial positive impacts on, for instance, climate change, food security, gender equality, and the availability of financing”, says Finnfund’s Associate Director, Head of
Energy and Infrastructure portfolio Jussi Tourunen.
“The way that developing countries meet their rapidly growing energy demand will be crucial for global efforts to curb climate change and we are happy to support d.light’s expansion with this investment.”
d.light has delivered solar energy to over 125 million people in 70 countries since its inception in 2006.
Their diverse product portfolio includes everything from inexpensive portable solar lanterns to solar home systems that can power several lights, phones, and other appliances, even a flat-screen television.
Solar solutions from d.light have won numerous international prizes for innovation and design, and they are marketed in over 30,000 locations throughout the world, making it the largest existing distribution network for these types of products.
Since its inception, d.light has placed a significant emphasis on product quality and customer service, resulting in a devoted customer base in emerging regions. The solar startup continues to sell hundreds of thousands of units every month financially while maintaining high quality.
A strong team of highly experienced, internationally recognized leaders and extremely motivated, skilled local staff lead the company.
Mr. Tozun and Mr. Goldman set a lofty aim for the solar startup when it was founded: to reach 100 million people by 2020. This objective was met. d.light is embarking on a new mission to impact 1 billion lives by 2030.