San Francisco-based d.light closes Series C round with $11M
Solar-powered lights designer and maker d.light secured $11 million for its Series C funding round, a statement about the funding said.
The financing came from DFJ, Omidyar Network, Nexus India Capital, Gray Ghost Ventures, Acumen Fund and Garage Technology Ventures. The company is engaged in the business of manufacturing and distributing solar lighting to developing countries in the world. As part of the deal, DFJ Managing Director Mohanjit Jolly and Omidyar Network Managing Partner Matt Bannick will be joining the Board of Directors of d.light, the statement said.
Proceeds from the recent round will be deployed by the company towards hastening its "product technology roadmap," growing its distribution in developing markets, widening its services and looking for fresh opportunities. Including this most recent round, the company has brought to $40 million its fundraising total to date, the statement said.
The solar lighting and power products maker was founded in 2007 and focuses its operations on giving light to households and small businesses that don't have access to a dependable electricity supply. With field offices and distribution hubs located in the US, Africa, China and South Asia, 6 million of d.light's products have already been sold in 60 countries worldwide, the statement said.
A for-profit social enterprise, d.light was founded by Sam Goldman and Ned Tozun. It is now headed by Donn Tice as its Chairman and Chief Executive Officer. According to its website, it seeks "to create new freedoms for customers without access to reliable power so they can enjoy a brighter future."
The inspiration for d.light came from a 2004 incident that Goldman encountered when he was serving in Benin, Africa as part of the Peace Corps. He saw his neighbor's badly burned because of a kerosene lamp that turned over. This led him to attend the Entrepreneurial Design for Extreme Affordability at the Stanford Design School where he met Tozun. Their solar lantern prototype was made there, the d.light website showed.