What does BioLite do?
BioLite, is a social enterprise which is best known for turning cooking fires into electricity. This social enterprise develops, manufactures and markets consumer energy products for off grid communities worldwide. Over the last 3 years, their team has tripled and the sales have doubled in number each year. It serves 2 distinct markets; families of the developing world living in energy poverty and outdoor enthusiasts who want fuel free cooking and power. The company addresses both of these markets simultaneously through parallel innovation by incubating core technologies which can serve users in both the markets.
How much BioLite was funded?
BioLite raised $5M in Series B funding on July 28th, 2015 from Acumen, Deutsche Bank, Clif White Road Investments, RRE Ventures, Disruptive Innovation Fund and USAID-U.S. Agency for International Development.
What is next for BioLite?
BioLite is proud to be funded by such an exceptional group of investors and its mission is to bring energy everywhere. This funding will help the company in supporting the next phase of BioLite’s growth as an emerging markets energy provider, disruptive tech innovator and mission led outdoor brand. The funding will used for accelerating the expansion of its off grid energy products. Acumen’s chief investment officer Sachin Rudra, is to join the company’s Board of Directors as a part of the funding.
More about BioLite
BioLite was founded in 2009 by Alec Drummond and Jonathan Cedar. It has its headquarters in Brooklyn, NY. This dynamic social enterprise develops, manufactures and markets consumer energy products for offgrid communities all over the world. It provides cooking, lighting and charging solutions for both rural families living in energy poverty and the outdoor enthusiasts. The company has developed as advanced, affordable and clean burning stove, The HomeStove, which is capable of reducing indoor smoke by more than ninety percent while reducing the fuel costs in half.