SunFunder Completes $2.5 Million Series A Equity Round with Khosla Impact and Schneider Electric

SAN FRANCISCO - Nov. 12, 2014 - PRLog -- SunFunder, an emerging market solar finance company, has completed its Series A equity round with investments from Schneider Electric, Better Ventures, and a private family foundation based in Palo Alto. This follows the first stage of the round led by Khosla Impact and a group of angel investors, bringing total Series A funding to over $2.5 million.

Ryan Levinson, CEO of SunFunder, says that the investments validate the need for innovative financing solutions to unlock solar energy development in emerging markets.

“Over a third of the world lacks access to reliable energy and solar energy is leapfrogging the grid in these markets. Access to reliable finance is the main barrier preventing solar energy providers from reaching scale. In the last 2 years, SunFunder has established a solid track record and proven that the market is economically viable. This investment round will allow us to expand our capacity in local markets and substantially grow our loan portfolio.”

Based in San Francisco and Tanzania, SunFunder provides short-term, working capital and project finance loans for solar home systems, micro-grids and commercial solar projects in emerging markets. It brings strong solar industry and local market expertise and provides reliable financing designed to scale with its customers’ long-term needs. SunFunder raises debt capital through the Solar Empowerment Fund, offering accredited investors a risk-reduced, fixed-income investment opportunity in diverse portfolios of high-impact solar loans across multiple countries and solar technologies.

Sandhya Hegde of Khosla Impact Fund said: “Investors agree that solar is a reliable, clean market-based solution, however solar companies and projects struggle to attract finance. SunFunder’s diligence weeds out risks, and their technology and systems make investments in off-grid solar a mainstream finance product. It’s creating a standard for viable, profitable and ‘bankable’ solutions to attract large commercial investors to this rapidly growing industry.”

SunFunder has financed $1.3 million of solar projects, with 14 solar companies in 6 countries, and maintains a zero percent default rate. This has helped over 140,000 people get access to affordable solar energy. In the next three years SunFunder aims to raise and deploy $100 million into solar projects around the world.

About SunFunder
SunFunder provides short-term, working capital and project financing for solar home systems, micro-grids and commercial solar projects in emerging markets. It raises debt capital by providing accredited investors a risk-reduced, fixed-income investment opportunity in diverse portfolios of high-impact solar loans. http://sunfunder.com

About Khosla Impact
Khosla Impact is a global venture fund founded by Vinod Khosla that invests long-term capital in high-impact entrepreneurs driving economic development in frontier markets. Khosla Impact focuses on technologies and services  that can open up markets, increase income levels and productivity, and improve standards of living in the bottom half of the world’s economy. http://khoslaimpact.com

About Schneider Electric
As a global specialist in energy management with operations in more than 100 countries, Schneider Electric offers integrated solutions across multiple market segments, including leadership positions in Utilities & Infrastructure, Industries & Machines Manufacturers, Non-residential Buildings, Data Centers & Networks and in Residential. Focused on making energy safe, reliable, efficient, productive and green, the Group's 150,000 plus employees achieved sales of 24 billion euros in 2013, through an active commitment to help individuals and organizations make the most of their energy. http://www.schneiderelectric.com

About Better Ventures
Better Ventures backs entrepreneurs building a better world. It provides funding and support to early-stage technology companies building innovative solutions to big and important problems, from work and education to health and sustainability. Better Ventures deploys a high-engagement model to help its portfolio companies succeed in developing profitable and scalable businesses. http://better.vc