Asia-based SolarHome has nabbed a pre-Series A, raising its total funding now to $1.1 million. Its use of PayGo, an emerging "rent-to-own" way for low-income customers to pay for electricity was a main factor in approval of the deal, says Uberis, the impact investor who led the deal.
PayGo is emerging as a way for emerging off-grid renewable energy operators to fuel their operations, and expansion, to address the needs of low-income households who remain disconnected from electricity. The solution is being run in partnership with Mastercard Foundation.