Successful Kick-start to Series B Fundraising

candi solar raises over $4M in convertible notes & kick-starts its Series B

Schneider Electric, Midrand, South Africa

Zurich, 30 September 2021 - candi announces the successful placement of its convertible note offering, which experienced high traction with demand exceeding the maximum issuance amount of $4.2M. The round was led by a Swiss Private Bank and current shareholders.

“With its innovative business model, proven over the past years with outstanding growth in both India and South Africa, candi is at the forefront of leading the world’s move towards decentralised power generation,” said Tobias Ruckstuhl, Partner at Persistent. “As a venture builder, we provided candi with the very first capital believing in the combination of a world-class team and an immense untapped market opportunity.” In India alone, the government has set a target of 40 gigawatts of rooftop solar capacity to be installed by the end of 2022, while only 15% are developed to date.

candi has positioned itself as a visionary financial and clean energy platform through which distributed energy infrastructure in emerging markets can be built at scale. Together with a double-digit million debt capital round, the proceeds of the notes are intended to fuel the company’s growth until Series B closing next year.

On the back of the convertible note placement, candi is now ready to launch its Series B fundraising efforts with new potential partners. The required growth capital will be invested to ramp up its client base, accelerate its natural progression towards energy storage and electric vehicle infrastructure as well as expand its geographical footprint in Africa and Asia.

To participate in our Series B funding contact Fabio Eucalipto, fabio@candi.solar

The Tribune, Chandigarh, India