SolarHome, a Singapore-based company that brings pay-as-you-go solar solutions into off-grid households in Southeast Asia, has received US$10 million in debt funding from a consortium of international investors, including Crowdcredit, a cross-border crowdfunding platform based in Japan, and Trine, a Sweden-based crowdfunding platform for off-grid solar.
This follows a US$4.2 million in convertible note funding raised in 2018 from international investors, including Trirec, Insitor Impact Asia, Beenext, and a group of Singapore-based family offices.
The new funds will enable SolarHome, which claims to have installed close to 28,000 solar home systems, to accelerate expansion across Myanmar. The company aims to reach 100,000 homes with its product packages that include budget, basic and premium solar system bundles for lighting and phone charging purposes, as well as TV bundles.
“The new funding will enable us to accelerate our growth in 2019 and bring clean energy to hundreds of thousands of off-grid households in Myanmar,” said Ted Martynov, CEO and Co-founder of SolarHome.
Founded by FORUM, a Singapore-based fintech venture builder, SolarHome offers off-grid households a solar lighting system at a low-cost 24-month subscription plan, with an initial US$10 down payment, followed by daily, weekly, or monthly repayments through scratch cards or mobile money. Technology built into the system ensures that it won’t function if a payment is not made, giving lenders the confidence that they will be able to recover their investment.
In the last quarter, the company added three new premium products, with an aim to impact the overall livelihoods and financial inclusion of those living off-grid in rural Myanmar.