d.light Receives $7M in Equity Funding from OP Finnfund Global Impact Fund I
Lagos, Nigeria-based d.light, a laudable solar-focused innovator, has announced its $7 million equity funding raised from OP Finnfund Global Impact Fund I.
This funding will enable d.light to expand its solar consumer credit and Pay-Go business across Africa.
Commenting on the investment, Ned Tozun, co-founder and CEO of d.light, said: “We are delighted to have OP Finnfund Global Impact Fund I as a shareholder of d.light. The fund’s alignment with our mission and commitment to job creation and growth makes it an ideal partner for d.light as we embark on our next phase of growth. We are confident that we will continue to accelerate and deepen this impact, as we expand our geographic footprint and our product portfolio to delight our customers. The future is really bright for d.light and the off-grid solar industry as a whole.
Jussi Tourunen, Finnfund’s Associate Director, Energy and Infrastructure Portfolio Manager, noted that the OP Finnfund Global Impact Fund I aims for substantial positive impacts on, for example, climate change, food security, gender equality and the availability of funding.
Speaking further, Tourunen said how developing countries meet their rapidly growing energy demand will be critical to global efforts to curb climate change and the company is pleased to support the expansion of d.light with this investment.
Since its inception in 2006, d.light has provided solar power to over 125 million people in 70 countries. The company’s extensive product line ranges from extremely affordable portable solar lanterns to solar home systems that can power multiple lamps, cell phones and small appliances, including a flat-screen TV.
d.light’s solar solutions have won numerous international awards for innovation and design and are sold in more than 30,000 points of sale worldwide, the largest existing distribution network for this type of product.
By focusing on product quality and customer service since its inception, d.light has built up a loyal customer base in emerging markets. d.light continues to profitably sell hundreds of thousands of units per month while maintaining excellent quality on a large scale.
The company is led by a strong team of deeply experienced and internationally recognized leaders and highly committed and talented local staff. Mr. Tozun and Mr. Goldman set an ambitious goal for d.light when it was founded; reaching 100 million people by 2020, which has been achieved. d.light is now on another ambitious journey to impact 1 billion lives by 2030.