Apis Growth Fund I partially exits Sun King
Apis Growth Fund I, a private equity fund managed by Apis Partners, a UK-based asset manager that supports growth stage financial services and financial infrastructure businesses, has partially exited its position in off-grid solar energy company Sun King, formerly Greenlight Planet.
Sun King yesterday announced a $260 million series D capital raise, with investment led by BeyondNetZero, the climate investing venture of General Atlantic. As part of this transaction the fund sold the majority of its stake in the company. The fund continues to hold a stake in Sun King and Apis Partners will remain supportive of the future growth plans of the company, which include continued geographical and product-line expansion, including larger products such as solar systems equipped with AC-electricity inverters (capable of powering large appliances like refrigerators) and new products, for example mobile phones.
Sun King is leading a transformation in how electricity is provided across Africa and Asia, where 1.8 billion people still lack access to a reliable electrical grid. To date, Sun King has powered the lives of 82 million people across 40 countries. The company’s solar home systems power lights, mobile phones, radios and larger home appliances and are dramatically more affordable and sustainable than kerosene or new power lines, allowing customers to leapfrog electrical grids and fossil-fuel energy sources entirely. Today, Sun King operates the world’s largest direct-to-consumer, pay-as-you-go (PAYG) solar distribution network, growing at a rate of 150,000 new clients per month across seven countries.
Since the fund’s investment in 2017, the company has grown over 5X, with annualised revenue now exceeding $200 million. In addition, since launching the PAYG segment the same year as the fund’s investment, the company has captured 38% of total market share in the global PAYG industry.
Udayan Goyal, co-founder and managing partner at Apis Partners, said: “When we invested in the company in 2017, it sold 27,000 PAYG units that year; this has increased to 1.2 million units sold in 2021. This is just one example of the company’s growth since our investment, and we are very pleased to have helped and advised the team along the way. Our investment in Sun King is one we are exceptionally proud of, and we are thrilled to be continuing the relationship.”
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.