Simpa Networks raised $2.2 million at first close a little over a week ago


simpa networksSimpa Networks reported launching a $3.5 million mezzanine private placement. According to the filing, 63% or $2.2 million was sold to four backers a little over a week ago. $1.3 million in additional funding can be raised before May 2015 based on the placement’s structure. The company closed four previous unregistered private placements which raised an estimated $8.41 million. The company is backed by the International Finance Corp as well as the Asian Development Bank.

Simpa Networks markets and designs energy solutions to under-served consumers in emerging markets using its pay-as-you-go “progressive purchase” business model. The company’s customers make a small initial down payment for a high quality solar home system and then pre-pay for their energy service, topping up their systems in small user-defined increments using a mobile phone. Each payment adds towards their final purchase price. Once fully paid, the system unlocks permanently and continues to produce electricity. The technology is also offered to solar micro-grid developers as a flexible prepaid metering, customer, and cloud-based revenue management software.

The company, headquartered in Seattle WA, is led by Paul Needham (President). Simpa Networks kept its revenues undisclosed.
The executive team includes Karthik Meda, Rupesh Shah and Sanjay Bharti.
The board of directors includes Aniruddha Patil, Bruno Walt, David Arfin, Karl Mehta and Miguel Granier.

The company has raised an estimated total of $10.61 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Simpa Networks
Industry: Other Energy
Amount offered: $3.5 million
Amount placed: $2.2 million
First sale: 05-13-2014
Data as of: 05-23-2014

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