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Inspired Evolution leads $15m investment in d.light

Staff writer
Oct. 15, 2021, 9:28 a.m.
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Inspired Evolution via its Evolution II Fund has led a $15m financing round in d.light, a leading innovator of solar, lighting and sustainable products.

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Inspired Evolution via its Evolution II Fund has led a $15m financing round in d.light, a leading innovator of solar, lighting and sustainable products.

Other investors included Shell New Energies, FMO, Norfund, Swedfund, and KawiSafi Ventures. 

Wayne Keast, Co-Managing Partner of Inspired Evolution, said: “We are pleased to support the company with additional capital for growth and to secure the support from many of the existing shareholders during these difficult Covid-19 times.”  

This latest round of funding, in addition to the $10m raised from Proparco in May, brings the  total to $25m raised this year by the company, underscoring the confidence investors have in the industry and d.light despite the pandemic. 

This capital raise will bolster the company’s plans to continue growing its Pay-Go consumer finance business in key markets across Africa.

After reaching its founding goal of impacting 100 million lives by 2020, d.light has embarked on another ambitious journey to impact 1 billion lives by 2030 with transformative products. 

The company provides customers with a broad portfolio of sustainable solutions, ranging from portable solar lanterns to financed solar home systems and related aspirational products, such as smartphones and televisions.

d.light’s award-winning products are sold through over 30,000 outlets.

“We are grateful for the continued support of our investors during these uncertain times. Thanks to our focus on financial discipline and operational excellence, d.light minimised the pandemic’s impact to our business. We are now in a strong position to accelerate our plans to expand our Pay-Go operations and enter new product categories and markets in the near future,” said d.light co-founder and CEO Ned Tozun.

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