Solar Pioneer SolarHome Secures $1.1 mln in Pre-Series A Funding

Singapore, August 17, 2017 — SolarHome, the Southeast Asian pioneer in Pay-As-You-Go (“PAYG”) Solar for the off-grid bottom-of-pyramid population, closed an oversubscribed Pre-Series A equity funding round. The round was led by Uberis Capital, the leading impact VC firm in Southeast Asia, and included participation from Beenext VC and other regional investors. Forum Capital, Singapore-based venture builder, had previously provided seed funding. This round brings the company’s total financing to-date to over $1.1 mln.

The revolutionary PAYG Solar business model offers off-grid customers “rent-to-own” plans of energy service subscription, priced at a radically affordable level of $3-15 per month. This dramatically lowers the barriers to adoption of Solar Home Systems for the bottom-of-pyramid clients. The market opportunity is enormous, with over 150 million people living off-grid in Southeast Asia.

Managing Partner at Uberis Capital Nicolas de Boisgrollier commented: “The PAYG model has emerged as a clear leader in off-grid electrification in Africa, India, and Latin America, having reached millions of homes and attracted over USD 500 million of investment over the last few years. We see the same tailwinds in Southeast Asia – massive off-grid population, rise of alternative credit scoring and mobile money, and a growing acknowledgement by governments and DFI’s that distributed generation is the answer. Unlike many other renewables businesses, PAYG is very scalable and operates profitably without subsidies, which makes this business model very attractive. We were very impressed by the team’s expertise and achievements to date, and are excited to support SolarHome’s future development into a regional market leader.”

Chairman of SolarHome and Managing Director of Forum Capital Greg Krasnov commented: “This is the third Forum Capital-built venture to close an oversubscribed funding round in the last few months. SolarHome’s investment proposition lies at the intersection of a few highly exciting trends, such as financial inclusion, renewable energy, digitally-enabled lending, and Southeast Asian economic growth. We are excited to partner with the lead investor Uberis Capital, who have vast experience supporting impact ventures around Southeast Asia. We look forward to working with them on the Board to grow the company to the next level.”

Pioneered in East Africa, the PAYG approach has been remarkably successful in bringing clean and affordable energy to millions of off-grid customers in just a few years. SolarHome is the first company to successfully implement this business model in Southeast Asia, where over 150 million people still live off-grid. The company has completed a pilot in Myanmar, and will use the additional funds to grow its installations to over 10,000 units in the next year. SolarHome’s international team, led by CEO Ted Martynov, and strategically supported by Forum Capital, possesses world-class expertise and solid track record in inclusive consumer finance.

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About SolarHome

SolarHome (www.solar-home.asia) is the Southeast Asian pioneer in Pay-As-You-Go (“PAYG”) Solar for the off-grid bottom-of-pyramid population. Its revolutionary PAYG Solar business model offers off-grid customers “rent-to-own” plans of energy service subscription, priced at a radically affordable level of $3-15 per month. This dramatically lowers the barriers to adoption of Solar Home Systems for the bottom-of-pyramid clients. Pioneered in East Africa, the PAYG approach has been remarkably successful in bringing clean and affordable energy to millions of off-grid customers in just a few years. SolarHome is the first company to successfully implement this business model in Southeast Asia, where over 150 million people still live off-grid. Headquartered in Singapore, SolarHome presently operates in Myanmar, with plans to expand across Southeast Asia and become one of the leading for-profit social enterprises in the region.

Forum Capital (www.forum-cap.com) is a Venture Builder focused on inclusive fintech and consumer finance in Southeast Asia, headquartered in Singapore. Forum Capital’s core business is identifying unique market opportunities for rapid value creation and building exciting new growth companies for capital gain. Forum Capital’s ventures are built around specific high-potential macro trends, including Financial Inclusion, Emerging Southeast Asian Giants, Credit Risk Mitigation, and Digitally Enabled Lending. The company’s principals have a track record of over $100 mln of capital gain for investors in emerging markets consumer finance. Forum Capital’s portfolio includes CredoLab (www.credolab.com), SolarHome (www.solar-home.asia), AsiaCollect (www.asiacollect.com), and AsiaKredit (www.asiakredit.com)

by 17.08.2017