We are excited to announce that SunFunder has successfully closed a Series A equity investment led by Khosla Impact and including a group of our existing angel investors. This marks a significant milestone for SunFunder and signals the next step on our journey to be the leader in emerging market solar finance.
Khosla Impact, Vinod Khosla’s personal investment vehicle for market-based solutions to poverty and development, was formed by Sun Microsystems co-founder Vinod Khosla. It provides assistance to entrepreneurs developing products and services for the three billion people at the bottom of the world’s economic pyramid.
This investment from Khosla Impact will allow SunFunder to grow in E Africa and India, expand into new regions, increase our fundraising capacity and help us towards achieving our goal of catalyzing over $1 billion of financing into solar companies and projects in emerging markets by 2020. This investment also validates the opportunity for solar energy in emerging markets, the need for new solar financing sources, and the catalytic impact SunFunder’s solutions are having on how solar companies across emerging markets secure financing.
SunFunder is based in San Francisco and Tanzania with a mission to unlock capital for emerging market solar. We raise capital through the Solar Empowerment Fund, a private debt offering that provides the only opportunity for accredited and institutional investors to invest in a diversified, vetted and high impact portfolio of solar projects in emerging markets. This is complemented by our crowdfunding activity, where anyone can invest as little as $10 on sunfunder.com.
Since 2012, SunFunder has financed 24 project loans with 10 solar companies in 6 different countries. This has already helped over 115,000 people get access to affordable solar energy. So far 6 project loans have been fully repaid, and we maintain a 100% repayment rate. By the end of 2015, we aim to raise and deploy $20 million into solar projects around the world.
Thank you for believing in us. With your help and support, we look forward to reaching many more exciting milestones ahead!