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.
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