Sunseap will use the new funding to expand in Singapore and the Asian region
Singapore-based cleantech company Sunseap announced on Tuesday that it has raised a S$6.7 million (US$4.8 million) Series C round led by ISOTeam Limited, a Catalist-listed building maintenance and estate upgrading industry player.
ISOTeam Limited subscribes for S$5 million (US$3.5 million) worth of Series C preference shares.
The funding round puts Sunseap valuation to more than S$200 million (US$143 million).
It plans to use the new funding to expand in Singapore and the region. It also plans to scale its operations in Singapore, Malaysia, India, Vietnam, Thailand and the Philippines following recent implementation of its solar energy projects in the countries.
Sunseap Director and Co-Founder Lawrence Wu said in a press statement that the investment is the first phase of the company’s Series C fundraising.
The company aims to raise S$75 million (US$53 million) in total to support its expansion plans.
Sunseap provides clean energy in form of rooftop solar solutions for government agencies and companies.
In Singapore, it is working with Apple to power its corporate campus in Ang Mo Kio. The company’s other clients include Housing Development Board, Singapore American School, Raffles Institution, the United Technologies Group, Jurong Port, ABB and Panasonic.
The company’s investors include Goldman Sachs, TRIREC, and individuals from the region.
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