This solar energy company secures $70M investment to expand its products across Africa and Asia
Pan-African solar energy provider, Sun King has received a $70 million equity investment from LeapFrog Investments.
Sun King offers off-grid solar energy products in Africa and Asia, providing households and communities with access to affordable and reliable solar technology to generate electricity and reduce their reliance on grid-based power.
The company claims to be the largest direct-to-consumer, pay-as-you-go solar distribution network in the world, serving over 95 million people in Africa and Asia, including 22 million in Kenya alone. According to the company, it has delivered solar energy to 165,000 homes per month across eight African countries.
Sun King has also provided more than $500 million in solar purchase finance through a network of over 20,000 field agents, 36% of whom are women.
This latest investment is an extension of the $260 million Series D round the solar company announced this April, which was led by BeyondNetZero, the climate investing venture of General Atlantic and M&G Investments’ Catalyst and Arch Emerging Markets Partners.
Sun King claims to be profitable and has grown its business by 95% year over year since the initial Series D investment nine months ago. This brings Sun King's Series D funding round to a total of $330 million and the company's overall debt and equity funding to over $550 million since its inception.
