More than 150 million people live off-grid in Southeast Asia and spend $3 billion each year on lighting and heating substitutes, like kerosene.
SolarHome sells pay-as-you-go home solar products to rural, unbanked, off-grid households in Myanmar; it is installing about 150 units per week. Kiva is backing the startup with a $50,000 loan to support the distribution of 2,000 units by year-end and 10,000 next year.
SolarHome was developed and seeded with $500,000 by venture builder Forum Capital. It recently raised $625,000 from Uberis Capital and Beenext Venture Capital in a pre-Series A funding round. SolarHome’s Kiva loan was facilitated by Impact Investment Exchange (IIX).
IIX helped Mera Gao Power raise $2.5 million to expand solar power to 5,000 off-grid villages in India.