Sun King, a provider of solar energy products for off-grid homes in Africa and Asia, has expanded its Series D funding round to $330m through an additional $70 million equity investment led by LeapFrog Investments (LeapFrog).
The investment is an extension of Sun King’s initial $260 million Series D, which was led by General Atlantic’s BeyondNetZero and M&G Investments in April 2022, and includes $38 million of additional primary investment. The funds will support the company’s plans to make consumer-financed solar power available to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity.
The Series D extension also includes additional secondary investment to complete the successful exit of all of Sun King’s prior institutional investors. Sun King’s founders retain voting control, and as part of the transaction, LeapFrog will join the board, which now includes representatives of other Series D investors General Atlantic and M&G Investments, as well as Prabha Sinha, the company’s first investor.