Sun King, an Africa- and Asia-focused solar energy company, has extended its $260 million Series D funding round to $330 million after raising a fresh $70 million led by LeapFrog Investments.
Sun King, founded in 2007 by Patrick Walsh and Anish Thakkar, provides D2C, pay-as-you-go (PAYG) solar distribution networks, enabling households and individuals to get electricity on the cheap. It produces solar-powered home energy systems, phone chargers, radios, fans, and televisions.
The latest funds will be used to expand its PAYG solutions and introduce setups capable of powering appliances like refrigerators, LeapFrog said in a statement on Friday.
The extension includes $38 million in additional primary investment. It also has an additional secondary investment, which will be used to exit all of Sun King’s prior institutional investors completely, according to the statement.
Sun King’s founders will continue to hold voting control while LeapFrog will join the board, which includes General Atlantic, M&G Investments and the company’s first investor, Prabha Sinha.
Founded in 2007, Sun King raised $260 million in Series D funding led by climate investing venture of General Atlantic, BeyondNetZero in April. London-based private equity firm Apis Partners had partially exited its stake at the time.
Its products are available in African and Asian markets including Kenya, Cameroon, Mozambique, and Togo besides India.