Funding round
Sun King Growth
Reported as "Growth Equity"
Sun King, which works in off-grid solar energy solutions in Mumbai, raised $90M in a Growth round announced on 22 Sep 2020. 8 firms took part. It is Sun King's first venture round on record.
$90M
Amount raised
Not disclosed
Post-money valuation
8
Investors
no lead named
Valuation
What this round says about the price
Sun King did not disclose a valuation in this round. It is Sun King's first venture round on record, 11 years after it was founded in 2009. It is 45% of the $200M Sun King has raised in the venture rounds on record. Sun King raised again 27 months later: a Series D round of $70M in Dec 2022, at $330M post-money.
Sun King's funding rounds
Sun King has 3 venture rounds on record and 7 other deals. This one is highlighted.
- Private Equity not a venture round 6 Dec 2017 $60M
- Growth this round 22 Sep 2020 $90M
- Debt not a venture round 27 Oct 2021 $75M
- Other not a venture round 2 May 2022 $260M
- Series D 15 Dec 2022, led by LeapFrog Investments $70M$330M post-money
- Debt not a venture round 30 May 2023 $130M
- Debt not a venture round 16 Jan 2024 $7.0M
- Debt not a venture round 15 May 2025 $80M
- Debt not a venture round 28 Jul 2025 $156M
- Growth 12 Dec 2025, led by Lightrock $40M
Investors
Who put money in
8 firms took part; no lead investor was named.
Investors
- ARCH Emerging Markets Partners new investor
- backs 48 venture-backed companies new investor
- FMO new investor
- backs 11 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- backs 2 venture-backed companies new investor
- new investor
- backs 4 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
11 Growth rounds in Solar Energy Company within a year either side disclosed an amount; the median was $177M, and this round was 51% of the median. The closest in time, other companies' Growth rounds in Solar Energy Company:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Solar Energy Company | 10 Nov 2020 | $177M | not disclosed | Tikehau Capital |
| Solar Energy Company | 18 Dec 2020 | $390M | not disclosed | not named |
| Silicon Ranch Solar Energy Company | 15 Dec 2020 | $225M | not disclosed | not named |
| Solar Energy Company | 28 Jan 2021 | $250M | not disclosed | not named |
| CleanCapital Solar Energy Company | 20 Apr 2021 | $300M | not disclosed | Manulife Investment Management |
| Nautilus Solar Energy Solar Energy Company | 22 Apr 2021 | $110M | not disclosed | not named |
| Solar Energy Company | 30 Jun 2021 | $125M | not disclosed | Norfund |
| Nexamp Solar Energy Company | 17 Aug 2021 | $240M | not disclosed | Generate Capital |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Sun King raise in its Growth round?
Sun King raised $90M in its Growth round, announced in Sep 2020.
Which investors took part in Sun King's Growth round?
ARCH Emerging Markets Partners, British International Investment, FMO, Norfund, responsAbility and SIMA Funds and 2 more.
What was Sun King's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Solar Energy Company?
11 Growth rounds in Solar Energy Company within a year either side disclosed an amount; the median was $177M, and this round was 51% of the median.
Did Sun King raise again after this round?
Yes: a Series D round in Dec 2022 of $70M at $330M post-money.