Investment Summary

Apis Partners, HarbourVest Partners, Eight Roads, General Atlantic and LeapFrog Investments Invest In Sun King

On December 5, 2017, growth capital firm Apis Partners, private equity firm HarbourVest Partners, private equity firm Eight Roads, growth capital firm General Atlantic and growth capital firm LeapFrog Investments invested in renewable energy company Sun King

Investment Highlights
  • This is Apis Partners’ 1st, HarbourVest Partners’ 1st, Eight Roads’ 1st, General Atlantic’s 1st and LeapFrog Investments’ 1st transaction in the Renewable Energy sector.
  • This is Apis Partners’ 1st, HarbourVest Partners’ 1st, Eight Roads’ 1st, General Atlantic’s 1st and LeapFrog Investments’ 4th transaction in Kenya.

Investment Summary

Date 2017-12-05
Target Sun King
Sector Renewable Energy
Investor(s) Apis Partners
HarbourVest Partners
Eight Roads
General Atlantic
LeapFrog Investments
Deal Type Growth Capital

Target

Sun King

Nairobi, Kenya
Sun King is an off-grid solar energy company with cutting-edge product design, affordable financing, and a grassroots installation model to provide energy to the 1.8 billion consumers across Africa and Asia who lack access to reliable electricity. Sun King was founded in 2007 and is based in Nairobi, Kenya.

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Investor(S) 5

DESCRIPTION

Apis Partners is an investment group focused on investing in financial services companies operating in emerging markets. Specific areas of interest include payments, insurance, credit/savings, capital markets, and tech-enabled service providers. Apis looks to back companies benefiting from increased mobile adoption and access to financial products and services. Apis Partners was established in 2014 and is headquartered in London.


DEAL STATS #
Overall 6 of 30
Sector (Renewable Energy) 1 of 1
Type (Growth Capital) 5 of 17
Country (Kenya) 1 of 1
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-31 GHL Systems

Kuala Lumpur, Malaysia

GHL Systems is a provider of software programs services. GHL provides world-class payment services and solutions encompassing physical, Internet and mobile payments on a sale, rental or transactional basis and is one of the top merchant acquirers in the region. GHL Systems is based in Kuala Lumpur, Malaysia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-03 Adumo

Johannesburg, South Africa

Adumo is an independent card-acquiring company delivering a comprehensive suite of payments and value-added solutions to a broad spectrum of merchants across South Africa. Adumo is based in Johannesburg, South Africa.

Buy -
Investor

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 167 of 223
Sector (Renewable Energy) 1 of 1
Type (Growth Capital) 26 of 30
Country (Kenya) 1 of 1
Year (2017) 15 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-20 BenefitMall

Dallas, Texas, United States

BenefitMall is a national provider of employee benefits, payroll, HR and employer services. By combining payroll and benefits, BenefitMall empowers Trusted Advisors to develop the best employee programs while maintaining compliance with government regulations and Health Care Reform. BenefitMall was founded in 1979 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-07 Advance Health

Chantilly, Virginia, United States

Advance Health is a healthcare provider of prospective health risk assessments (“HRAs”). Advance Health offers in-home and facility-based HRAs and chronic care management services for health plans. Advance Health was founded in 2010 and is based in Chantilly, Virginia.

Sell -
Investor
DESCRIPTION

Eight Roads is a private investment firm focused on a variety of investment opportunities across the US, Europe, and Asia. The Firm is divided into several investment strategies including venture, principal investing, and real estate. Within the principal investments group, Eight Roads backs established growth businesses with long-term capital. Eight Roads does not have any sector preferences, but has experience in fintech, business services, and healthcare. Eight Roads is based in London.


DEAL STATS #
Overall 172 of 298
Sector (Renewable Energy) 1 of 1
Type (Growth Capital) 13 of 19
Country (Kenya) 1 of 1
Year (2017) 36 of 40
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-30 Semma Therapeutics

Cambridge, Massachusetts, United States

Semma Therapeutics is a privately held biotechnology company pioneering the use of stem cell-derived human islets as a potentially curative treatment for type 1 diabetes. Semma Therapeutics was formed in 2015 and is based in Cambridge, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-08 Denali Therapeutics

South San Francisco, California, United States

Denali Therapeutics is a biopharmaceutical company, discovers and develops therapeutic candidates for neurodegenerative diseases in the United States. It offers leucine-rich repeat kinase 2 (LRRK2) inhibitor product candidate, including BIIB122/DNL151, a small molecule inhibitor, which is in phase I and phase Ib clinical trials for the treatment of Parkinson's disease. Denali Therapeutics was founded in 2013 and is based in South San Francisco, California.

Sell -
Investor

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 183 of 343
Sector (Renewable Energy) 1 of 2
Type (Growth Capital) 81 of 129
Country (Kenya) 1 of 1
Year (2017) 15 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-28 Doctolib

Levallois-Perret, France

Doctolib is a online booking platform and web services provider for healthcare professionals. Doctolib’s sites bring together 30,000 subscriber healthcare professionals, 800 partner healthcare facilities and 12 million visitors each month. Doctolib was founded in 2013 and is based in Levallois-Perret, France. ,

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-12 Mafengwo

Beijing, China

Mafengwo is an online travel platform that aggregates user-generated reviews and opinions of destinations, hotels, and local activities to provide trip planning advice and online booking service to travelers in China. Mafengwo was founded in 2010 and is based in Beijing, China.

Buy -
DESCRIPTION

LeapFrog Investments is a private equity firm focused on opportunities across Asia and Africa. The Firm looks to invest $10 to $50 million per transaction to fund high-growth, financial services and healthcare businesses operating in fast growing markets. LeapFrog is an active investor and looks to support portfolio companies with operations, sales, human resources, and other core business functions. LeapFrog Investments was formed in 2007 and is headquartered in Ebene, Mauritius.


DEAL STATS #
Overall 20 of 33
Sector (Renewable Energy) 1 of 1
Type (Growth Capital) 12 of 17
Country (Kenya) 4 of 5
Year (2017) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-17 Mahindra Insurance

Mumbai, India

Mahindra Insurance is a fast-growing, high-impact company – providing life, motor and health insurance to millions of people in rural and semi-urban India. Mahindra Insurance was founded in 2004 and is based in Mumbai, India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-07 Zepz

London, United Kingdom

Zepz with its online service platform WorldRemit, lets people send money to friends and family living abroad, using a computer, smartphone or tablet. Zepz was founded in 2010 and is based in London, United Kingdom.

Buy -