Inspired Evolution leads returning investors in follow-on round for d.light

Image Credit: d.light

Having first backed d.light in 2018, Inspired Evolution is leading a group of other returning investors investing in the solar energy firm’s latest capital raising round. Between them, the six investors are putting $15 million to work in the business which will use the money to bolster its balance sheet, allowing it to boost its on-balance sheet and off-balance sheet activities to grow its business into new markets. d.light is expanding its operations into East Africa and West Africa, with an initial focus on Kenya, Nigeria, Tanzania, and Uganda.

Wayne Keast, Inspired Evolution’s CEO who sits on d.light’s board, led the deal for the investment firm’s second fund, Evolution II. The other investors in the round are Shell New Energies, FMO, Norfund, Swedfund, and KawiSafi Ventures. While the terms of the transaction have not been disclosed, a representative confirmed that between them the investor group now owns a majority of the business.

To read this article, you must be a paid subscription member. (Current members login here)

\"\"

Reserve your digital subscription today

Join now for $35 per month

Join now for $395 per year

for access to:

  • Weekly newsletter with original and curated news, analysis and perspective
  • Africa’s private capital deals, fund raises and the investment firms and executives involved
  • Portfolio company news that impacts value and stakeholder participation
  • Job moves and partnerships between leading market participants
  • Exclusive access to Africa Capital Digest’s full content archive

If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.