Myanmar-based solar-powered products provider bags $2m in series A2 round

SolarHome, a “pay as you go” solar-powered products provider for households, announced that it has closed US$2 million in a series A2 financing round led by investment firm Trirec and Insitor Impact Asia Fund.

New investors Anthem Asia Myanmar SME Venture Fund, an institutional investment fund in Myanmar, as well as DPI Energy Ventures, a renewables-focused investment fund in the Asia-Pacific region, also participated in the round.

Photo credit: SolarHome

Founded in 2017, SolarHome installs integrated solar energy and appliance units in customers’ homes and offers “rent-to-own” plans of energy service subscription. It is headquartered in Singapore and currently operates in Myanmar, where it’s targeting to serve over 8 million households living outside of the electric grid.

The company claims that it showed “strong operational performance and resiliency” in 2020 and has provided solar energy solutions to an additional 4,800 rural households over the past six months. It said it currently serves over 35,000 homes across Myanmar.

“With the new financing, I am confident that we will be able to continue to scale SolarHome’s business and deliver impactful value to our customers, investors, and partners as we enter the next stage of growth,” said SolarHome CEO Geert Jan Ten Hoonte. He added that the startup will continue bringing operations closer to EBITDA breakeven.

The company said it has raised over US$8 million in debt and equity to date. Last year, SolarHome also raised US$1 million in a series A round from Trirec.