Kenya-based solar home systems provider, Sun King, has secured $70 million in equity investment led by London-based firm LeapFrog Investments, in an extension of the former’s Series D round of funding. Through this new investment, Sun King has now increased its $260 million Series D funding round to $330 million.
The recent investment will help in the expansion of Sun King, enabling them to accelerate rural electrification in Africa and Asia via solar-powered systems. The company’s products and kits have so far provided clean solar power to more than 95 million people who lacked access to on-grid solutions.
Sun King’s Series D funding round was launched in April 2022 and was initially led by General Atlantic’s BeyondNetZero and MG Investments. The recent extension in the funding round includes $38 million of additional primary investment, supporting Sun King’s target of reaching 1.8 billion people in Africa and Asia.
According to LeapFrog, the deal also includes additional secondary investment to conclude the successful exit of all of Sun King’s previous institutional investors. The UK-based investment firm now joins the board of other Series D investors including General Atlantic and MG Investments.
Karima Ola, Leader of LeapFrog Investments’ African Financial Services, said, Sun King’s off-grid solar systems are leading the path towards filling the growing electricity accessibility gap. The clean energy company is ensuring emerging countries of Africa and Asia avoid carbon emissions along with detrimental health impacts from energy sources like diesel generators and other fossil fuels.
Sun King’s innovative payment models relieve its customers from bearing the upfront cost of the solar energy transition, allowing them to directly set foot on less carbon-intensive consumption. With this extension in Series D round funding, Sun King has launched operations in Togo and Cameroon with plans to expand into new African countries this year.
Anish Thakkar, Co-founder of Sun King, said the investment from LeapFrog will enable the expansion of energy access in developing countries with solar power. Thakkar also mentioned that LeapFrog’s experience will help Sun King in meeting the needs of people in the countries where it is already providing solar energy solutions.
London-based firm, Ekta Partners, acted as the financial advisor for this transaction. Goodwin Procter LLP and Debevoise Plimpton LLP provided legal advisory services to Sun King and LeapFrog, respectively.