BioLite, a Brooklyn-based social enterprise best known for turning cooking fires into electricity, today announced that it has raised $5 million in growth capital to accelerate the expansion of its off-grid energy products. The funding consisted of a Series B equity round led by Acumen with additional investment from Clif White Road Investments, RRE Ventures and the Disruptive Innovation Fund, as well as debt and grant financing from Deutsche Bank and USAID.
‘We are proud to be joined by such an exceptional group of investors in our mission to bring ‘energy everywhere,’ said Jonathan Cedar, co-founder and CEO of BioLite. ‘This unique coalition of industry-leading partners will help support the next phase of BioLite’s growth as an emerging energy market provider, a mission-led outdoor brand and a disruptive technology innovator. ”
Three billion people still cook over smoky, open wood fires, resulting in 4 million deaths each year, which adds up to more than HIV/AIDS, malaria and tuberculosis combined. BioLite’s innovative clean cooking technologies reduce harmful emissions by more than 90% while converting waste heat into usable electricity to charge mobile phones and LED lights off the grid. The company launched BioLite NanoGrid in March, expanding its technology portfolio to include rechargeable LED lighting and power storage.
‘Access to clean cooking, lighting and power for mobile phones are three of the most pressing needs among low-income, low-energy households,’ said Acumen’s Chief Investment Officer, Sachin Rudra, who will join BioLite’s Board of Directors. ‘We are very excited to partner with BioLite as the company is uniquely positioned to integrate and scale across each of these critical energy categories. ”
This unique position is largely due to Parallel Innovation, BioLite’s pioneering business model. The company incubates core energy technologies and markets them in parallel to families living in energy poverty and campers in outdoor markets. Outdoor market profits are being re-invested in building sustainable and scalable energy solutions for rural poor A departure from the ‘buy one, give one’ model, BioLite uses a market-based approach: designs products that meet the critical needs of rural consumers at a price point that they can afford, thereby boosting local economies, improving public health, and curbing climate change.
The Disruptive Innovation Fund, which led the BioLite Series A round in 2011, joined the company again for its Series B round. ‘Not only has BioLite developed transformative technology, but by bringing energy into rural environments where there are no other good power solutions, BioLite is a deeply disruptive concept,’ said Matt Christensen, CEO of Rose Park Advisors and portfolio manager of the Disruptive Innovation Fund, ‘In places like India, one of the largest and fastest growing mobile phone markets in the world. BioLite provides access to electricity for off-grid consumers while performing the necessary daily cooking tasks. ”
BioLite’s ambitious technologies, combined with user-centric designs, are used by customers in more than 70 countries and have won numerous awards including the 2014 Innovation by Design Award from Fast Company and the nomination for REI’s prestigious Vendor of the Year. Since its founding in 2009, the company has raised $10 million, including more than $1 million for Kickstarter. BioLite continues to invest heavily in building a world-class team of 45 professionals across its New York headquarters and India and Uganda field offices.
‘BioLite is a mission-driven company that operates at a very high level across product, marketing and operations,’ said Deven Clemens, Managing Director of Clif White Road Investments. ‘At Clif Bar and White Road, we strongly believe that value-based enterprises are the way to maximize value for business, the community and the planet. BioLite demonstrates that scalable impact and opportunity are the path to the future. ”
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On BioLite
BioLite is a dynamic social enterprise that develops, manufactures and markets consumer energy products for off-grid communities around the world. The company is creating breakthrough cooking, charging and lighting solutions for both outdoor enthusiasts and rural families living in energy poverty. It has received numerous awards, including the St. Andrews Prize for Environment, Popular Science Best of New, Nokia Health Tech Awards, and Fast Company Innovation by Design Awards The company, headquartered in Brooklyn, NY, was founded in 2009 by Jonathan Cedar and Alec Drummond. She is a proud member of the Global Alliance for Clean Cooking Find out more at http://www BioLiteEnergy: Come on,
Acumen About
Acumen is changing the way the world is addressing poverty by investing in companies, leaders and ideas. We invest patient capital in companies whose products and services make it possible for the poor to transform their lives. Founded in 2001 by Jacqueline Novogratz, Acumen has invested more than $88 million in 82 companies across Africa, Latin America and South Asia. We are also developing a global community of emerging leaders with the knowledge, skills and determination to build a more inclusive world. This year, Acumen was named one of Fast Company’s Top 10 Most Innovative Non-Profit Companies. Find out more at http://www “Acumen” Organ and Twitter @Acumen
Rose Park Advisors and Disruptive Innovation Fund
Rose Park Advisors, LLC (RPA) is a specialized investment firm that uses the disruptive innovation theory developed by co-founder Clayton Christensen to invest in companies whose business models are well suited to take advantage of industrial change. RPA invests in disruptive opportunities across industries, geography, and size and stage of the company, providing capital and expertise to help companies achieve disruptive success.
Clif White Road Investments
Clif White Road Investments is based in Emeryville, CA and was founded by Gary Erickson & Kit Crawford-founder and owner of Clif Bar & Company. White Road seeks out and invests in healthy, active lifestyle brands with positive impacts, including Big Tree Farms, Public Bikes, Manitoba Harvest, Honest Kitchen, Guayaki, Fireclay Tile and Wild Planet Foods. http://www: Investments in Whiteroad Come on,
On the RRE Ventures
RRE Ventures is one of the largest and most active venture capital firms based in New York City. RRE focuses on early-stage technology investment across a diverse range of sectors and industries. Since its inception in 1994, RRE has managed seven funds with more than $1. 5 billion under management and investments in more than 200 portfolio companies Active investment includes Buzzfeed, Kik, Sailthru, Managed by Q, Paperless Post, Bark Co. And, uh, bit Hey, ly
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