The company raised SOS 41 million of venture funding in a deal led by Inspired Evolution Investment Management on December 17, 2018. Netherlands Development Finance Company, Swedfund International and Norfund and NorFinance AS also participated in the round. The funds will be used for the company's expansion of solar and pay-go consumer business across Africa. Previously, the company raised $75 million of venture funding through a combination of debt and equity on March 26, 2018. Out of the total funding, a $25 million of equity was provided by European Investment Bank and $50 million of debt financing in the form of a loan was provided by European Investment Bank, Social Investment Managers & Advisors (SIMA), SunFunder and other undisclosed lenders. The funds will be used to strengthen the company's access to energy in Africa via solar kits, starting off in Ethiopia, Kenya, Nigeria, Tanzania and Uganda, launch new appliances and solar home system offerings.
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