Salon Freedom Acquires 9 Houston Owned Locations
Largest Operator of Franchised Sola Salon Studio Locations Expands
Operations into Houston, Texas, through Successful Acquisition

BOULDER, Colo., Aug. 14, 2023 — Salon Freedom Holdings, LLC (“Salon Freedom”), the fastest growing and largest operator of franchised Sola Salons is pleased to announce the successful acquisition of 9 Sola locations in the Houston, Texas market. This acquisition expands Salon Freedom’s market presence into Texas, adding to existing operations in Pennsylvania, New Jersey, and Tennessee.

The Houston locations were previously operated by the BCCD group, having opened their first location in 2013. BCCD built a robust and successful 9-unit operation spanning the southern Houston market including units in central Houston, Katy, Sugar Land, Pasadena, and Clear Lake. This strategic purchase represents a significant milestone for Salon Freedom as it strengthens its presence in one of the nation’s most dynamic and diverse markets.

“This acquisition is a testament to our commitment to empowering beauty and wellness professionals by leveraging our best-in-class platform across an expanded portfolio,” said David Raduziner, Co-Founder and CEO of Salon Freedom. “Houston will be a key market for us, and this acquisition allows us to provide even more opportunities for beauty professionals to run their own businesses and achieve their dreams. Including the 13 locations we opened over the last 12 months, we now operate 60 locations serving approximately 1,400 beauty and wellness professionals across diverse markets in Pittsburgh, Philadelphia, Southern New Jersey, Central Pennsylvania, Nashville, and Knoxville, and now Houston.” 

“We’re proud of the platform the Salon Freedom team is building,” said Todd Recknagel, Chairman of the Board for Salon Freedom. “Our goal is to continue to build a great culture for our 60 locations and make our Sola Pros our number one priority. We’re confident the team will deliver exceptional results with the integration of the Houston locations.”

With this expansion, Salon Freedom continues to revolutionize the salon industry via the Sola Salon Studios platform by providing a turn-key environment for independently minded beauty and wellness professionals to own and operate their own businesses.

“Salon Freedom has been one of Sola’s fastest growing franchises. It’s gratifying to see them accelerate that growth via acquisitions and leverage their high-performing platform into new markets,” said Jordan Levine, COO of Sola Salon Studios. “The Salon Freedom team has been an incredible champion of the Sola brand and a leader in the system. We congratulate them on their continued growth and success.”

Since its inception in 2004, Sola has grown to more than 685 locations throughout the U.S. and Canada. Sola has remained committed to technology and innovation to better support its rapidly growing community of almost 20,000 independent beauty professionals. With proprietary tools like its SolaGenius application and BookNow website feature plus its BeautyHive™ product supply fulfillment platform, the brand continues to be regarded as the leading franchise concept in the salon studios sector.

“Franchisees like Salon Freedom continue to elevate Sola as the most dominant brand in the salon studios segment,” said Christina Russell, CEO of Salon Studios. “We applaud their continued growth and commitment to supporting independent beauty pros throughout their markets.”

ABOUT SOLA SALONS

In 2004, Sola Salons was established with the opening of its first location in Denver, Colorado. Now with over 685 locations open in the U.S and Canada, Sola is proud to offer nearly 20,000 independent beauty professionals the freedom and benefits of salon ownership without the risk and overhead of opening a traditional salon. Its innovative salon model empowers beauty and wellness professionals to take control of their lives and their careers by providing beautiful, fully equipped salon studios alongside the support and tools they need to launch their business in no time. For more information, please visit www.solasalons.com.

ABOUT SALON FREEDOM

Salon Freedom was formed in 2008 to develop franchised Sola Salon locations. The company announced a major investment in March 2022 by Three20 Capital Group, Geneva Glen Capital, and Stonehenge Partners. Salon Freedom operates 60 Sola Salon Studios locations in Pennsylvania, New Jersey, Tennessee, and Texas. 

ABOUT THREE20 CAPITAL GROUP

Three20 Capital Group (“Three20”) is a private equity firm led by franchise veterans Todd Recknagel and Kristi Mailloux. Three20 has a depth of experience in franchising, distribution, energy efficiency and multi-unit businesses. A sampling of Brands they have partnered with include Massage Envy, Office Pride, Take 5 Oil Change, Mr. Handyman, Molly Maid, Quatrro Business Services, and AM Conservation Group. www.Three20group.com

ABOUT GENEVA GLEN CAPITAL

Geneva Glen Capital (“GGC”) is a Chicago-based private equity firm that invests in proven private companies with leading market positions, significant growth potential, and stable cash flows. GGC makes control investments and targets companies headquartered in the U.S. or Canada with EBITDA between $2 million and $20 million. The firm works closely with management teams to establish and execute on a clearly defined value creation and growth plan. www.genevaglencapital.com

ABOUT STONEHENGE PARTNERS 

Stonehenge Partner (“Stonehenge”) is an Ohio-based private equity firm serving the lower middle market. Founded in 1999, Stonehenge has a long history of partnering with leading entrepreneurs and managers who are focused on building winning teams, accelerating growth, and creating shareholder value. Stonehenge provides flexible capital that meets the needs of all stakeholders, including majority equity, minority equity, debt, and combinations thereof. Stonehenge has raised more than $1.4 billion of committed capital and is currently investing out of its sixth institutional fund. www.Stonehengepartners.com

Contact David Raduziner, CEO at [email protected] or Todd Recknagel, Chairman of the Board at [email protected] 

Contact:
Brittanie Gioioso                                                                                                                    
720-764-9682
[email protected]

SOURCE Salon Freedom Holdings, LLC

• $525 million raised for Fund II, exceeding $500 million target
• Additional $280 million raised for Fund II co-investments
• Firm now manages over approximately $2.7 billion AUM

BALTIMORE, Aug. 14, 2023 — Access Holdings, a digitally-enabled middle market investment firm based in Baltimore, today announced it has raised approximately $805 million in new capital, including $525 million for Access Holdings Fund II L.P. (“Fund II”) and an additional $280 million for Fund II co-investment. This capital will be used for middle market buyout and growth capital investments in the U.S. The fund exceeded its target of $500 million amid strong headwinds in the private equity fundraising market. Access now manages more than $2.7 billion in assets.

The fund received support from several institutional investors, including new and existing limited partners comprised of endowments, insurance companies, prominent asset managers, and others. Investors in Access Holdings Fund I L.P. increased commitments to Fund II by an average of over eighty percent. Access Holdings Fund I closed at approximately $340 million and generated approximately $300 million of co-invest.

“We are humbled and grateful for the support of our new and existing investors and partners,” said Access Holdings Founder & Managing Partner Kevin McAllister. “Access’ second fund close marks a significant milestone in our firm’s history. We will continue to execute innovative and systemic value creation strategies that support enduring success for our stakeholders and continue to strengthen their trust in our partnership.”

Since the close of Access’ first fund in December 2020, market conditions have tightened. Private equity funds face a tougher environment, with the number of funds achieving their target raise decreasing from 89% in 2021 to 53% in 2022[1], and time in market doubling from 16 months in 2021 to 32 months in 2023[2]. Access launched Fund II in November 2021, and it closed 21 months later.

Access Holdings utilizes a contemporary digitally-enabled, high-velocity build and buy approach to maintain growth in the face of market uncertainty. By implementing purposeful best practices and next generation technologies, Access has scaled eight platform companies and completed over 200 add-on acquisitions. Access will continue to advance its business building capabilities as it deploys Fund II capital and works with partners to scale and grow market leading businesses. 

Press Contact
Katie Leshinsky – Phone: (201) 290-4511 / Email: [email protected]

About Access Holdings
Access Holdings Management Company LLC is a Baltimore-based, digitally-enabled middle market investment firm with offices in Baltimore, Maryland and New York, New York and has approximately $2.7 billion in assets under management. Founded in 2013, Access Holdings was a non-fund sponsor until its first fund in 2020. We provide high-quality, direct investments opportunities to create concentrated portfolios of essential service-based businesses in North America. We undertake active build and buy strategies, pursuing what we want to own, great markets and distinct business models. In doing so, Access partners with and supports exceptional, passionate, visionary leaders to scale and innovate businesses. For more information, please visit www.accessholdings.com.

¹Source: Preqin; Bain & Company analysis, Experienced funds under $5bn
²Source: Preqin as of July 11, 2023, for North America Buyout Funds less than $1bn in size. 32 months reflects 2023 YTD

SOURCE Access Holdings

• Sanghun Kim, former CEO of Naver; Kelvin Dongho Kim, CEO of Korea Credit Data (KCD); Tony Lyu, Venture Partner at SoftBank Ventures; and Simon Seojoon Kim, CEO of Hashed, participate as angel investors.
• Attracting investments from Musinsa and CTR.. creating a buzz in the art market.
• Organizer of the leading art fair in Korea “Art Busan,” launching a new Seoul fair in November 2023.

BUSAN, South Korea, Aug. 14, 2023 — On the 9^th of August, Art Busan Inc., the organizer of the leading Korean art fair ‘Art Busan’, announced that they have successfully secured their first investment round. Despite concerns about the ongoing economic downturn, this investment round validates the sustained interest in the art market and the high value and growth potential of the ‘Art Busan’ brand. Prominent unicorn startup founders and renowned investors including Sanghun Kim, former CEO of Naver, Kelvin Dongho Kim, CEO of Korea Credit Data, Simon Seojoon Kim, CEO of Hashed and Tony Lyu, venture partner at SoftBank Ventures Asia are among the list of investors. Korea’s leading fashion platform Musinsa and global mobility group CTR have also joined this initial investment round. 

Through this round of investment, Art Busan has successfully secured the optimal strategic partnership base required to expand its existing art fair business to Seoul and the global market. At the same time, it has positioned itself to operate a diverse range of new ventures within the on and offline sectors of the international art markets, which require strategic alliance.

Art Busan was established in 2011 with the ambition to transform the culturally marginalized city of Busan into a city of culture. In pursuit of this goal, they organized their first art fair, ‘Art Show Busan,’ in 2012. By 2022, Art Busan attained Korea’s top art fair brand title, in terms of visitor numbers, total sales volume, and art fair ranking conducted by the Ministry of Culture, Sports and Tourism, establishing itself as an art fair brand that gained not only domestic but also international attention. Through Art Busan, acclaimed international galleries have made their first debut into the Korean market, leading them to open their Korean branches. As such, Art Busan has been a key player in connecting major art institutions, galleries, art patrons and collectors. With its stable organizational culture and agile execution as a private entity, Art Busan has been a driving force behind the revitalization of the domestic art market in the absence of global-level art fairs. Now, with plans to host a new event integrating design and art in this year, and expanding its presence to Seoul, Art Busan aims to strengthen Korea’s brand power and make a leap into the global art market.

Sanghun Kim, former CEO of Naver, who has served as the Chairman of the National Theater Company of Korea, a board member of the Seoul Philharmonic Orchestra, and the President of the National Hangeul Museum Support Committee, responded that “I firmly believe and support that Art Busan, which started in my beloved city of Busan, will grow into a leading brand in Korea’s art and cultural scene and play a significant role in expanding the foundation of Korean art market in the right direction.” Kelvin Dongho Kim, CEO of Korea Credit Data added that “I was strongly attracted by Art Busan’s founding story and how the local fair from Busan has grown into Korea’s leading art fair brand. I am excited to join this investment round as I wanted to contribute to the company’s vision of becoming a global art brand.”

Director Seokho Jeong of Art Busan said, “this investment holds significance as it recognizes the substantial contributions Art Busan has made to the advancement of the Korean art market thus far, and its unique brand value established within the art market.” He added, “moving forward, we aim to grow Art Busan as a global brand and take a leading role in ensuring the nourishing and sustainable development of the Korean art market.”

As a significant step in its full-scale business expansion and global leap, Art Busan will unveil the first edition of the premium design and art fair, ‘DEFINE SEOUL,’ in the Seongsu district of Seoul from November 1st to 5th.

SOURCE Art Busan

SAN DIEGO, Aug. 14, 2023 — Biocanic, a software platform that helps functional and personalized health practitioners manage their clients and their health data, today announced that it has closed a $600,000 seed round. The round was led by Potter Ventures LLC, with participation from angel investors. Phil Potter, CEO of Potter Ventures, will take a board position as a part of this investment.

Biocanic is the first of its kind health intelligence system that helps practitioners collect, manage, and analyze their clients’ health data. The platform includes a variety of features that help practitioners to:

• Collect and process comprehensive health data from their clients, including intake forms, lab testing, supplement protocols, and client communication.
• Analyze their clients’ health data to identify areas of concern and develop personalized health plans and programs.
• Track their clients’ progress over time and identify areas where they may need additional support.

“We’re thrilled to have Phil Potter and his team join us on this journey,” said Biocanic CEO Jeremy Malecha. “Phil’s experience both as a patient and as an investor will be invaluable as we scale our business.”

With the funds from this round, Biocanic plans to continue development of its platform, expand its team, and market its platform to personalized health practitioners.

“I’m excited to partner with Biocanic and help them accelerate growth of their platform,” said Potter. “Not only is the personalized medicine industry growing at double digits, but I became aware of Biocanic while working with my personalized health physician. As a longevity enthusiast and active investor, I am excited to help Biocanic reach more practitioners across the globe.”

About Biocanic

Biocanic is the first of its kind health program intelligence system specifically designed to streamline personalized health programs for functional and integrative health practitioners. Biocanic helps practitioners effectively on-board, build and implement personalized health programs for their clients.

To learn more about Biocanic, visit www.biocanic.com.

Contact
Jessica Del Pino
[email protected]
844-812-8874

SOURCE Biocanic, Inc.

MOUNTAIN VIEW, Calif., Aug. 14, 2023 — The first American Academy of Dermatology educational session to discuss the potential of regenerative medicine in dermatologic treatments featured data from Turn Biotechnologies’ ERA™ technology’s reprogramming of skin cells.

Turn Bio, a cell rejuvenation company developing novel mRNA medicines for untreatable, age-related conditions, shared results of the company’s ERA™ reprogramming technology on skin cells during the AAD 2023 Innovation Academy, the organization’s summer education meeting, held Aug. 10-13 in Tampa, Florida.

During a live podium presentation entitled “Epigenetic Reprogramming for Skin Rejuvenation,” on Aug. 12, Edward Hsia, PhD, vice president of Dermatology at Turn Bio, shared data showing that reprogramming with Turn Bio’s ERA technology rejuvenates cells within the extracellular matrix (ECM), resulting in comprehensive changes related to improved skin quality and structure. ERA reprogramming technology significantly reduced oxidative stress, matrix metalloproteinases (MMPs) and cellular senescence markers. It simultaneously increased fibroblast proliferation and collagen production.

“The AAD’s decision to introduce a session exploring the potential impact of regenerative medicine on dermatologic treatments acknowledges the importance of these new therapies, including the promise of Turn Bio’s ERA technology,” said Joely Kaufman, MD, FAAD, a board-certified dermatologist and director of Skin Associates of South Florida, in Coral Gables, Florida, who co-directed the session in which Turn Bio presented its data. “We are on the verge of significantly improving standards of care for many conditions. The potential is incredible for both patients and practitioners.” 

This regenerative medicine session, co-directed by Kaufman and Saranya P. Wyles, MD, PhD, FAAD, program director of Clinical Regenerative Medicine Education in Mayo Clinic’s Center for Regenerative Biotherapeutics in Rochester, Minnesota, was a first for the AAD.

It showed attendees that regenerative medicine is rapidly advancing and aims to restore form and function through innate reparative mechanisms.

“It is an honor for Turn Bio to be included in the inaugural regenerative medicine session at the AAD 2023 Innovation Academy,” said Turn Bio CEO Anja Krammer. “We are thrilled to be sharing our research in epigenetic reprogramming for cell rejuvenation and showing the possibilites in dermatological treatments for patients in the future.”

ABOUT TURN BIOTECHNOLOGIES

Turn Bio is a pre-clinical-stage company focused on repairing tissue at the cellular level and developing transformative drug delivery systems. The company’s proprietary mRNA-based ERA™ technology restores optimal gene expression by combatting the effects of aging in the epigenome. This restores cells’ ability to prevent or treat disease and heal or regenerate tissue. It will help to fight incurable chronic diseases. Its eTurna™ Delivery Platform uses unique formulations to precisely deliver cargo to specific organs, tissues, and cell types.

The company is completing pre-clinical research on tailored therapies targeting indications in dermatology and immunology, and developing therapies for ophthalmology, osteo-arthritis, and the muscular system. For more information, see www.turn.bio.

FOR MORE INFORMATION, CONTACT:

Jim Martinez, rightstorygroup
[email protected] or (312) 543-9026

SOURCE Turn Biotechnologies

Marquee Investors Bring Series A Funding Round to $24 Million

PASADENA, Calif., Aug. 14, 2023 — Caelux, a pioneer in utilizing perovskites to make solar energy more powerful and cost-effective, enabling the next generation of solar innovation, today announced the closure of a $12M Series A3 funding round led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.

This round brings the company’s total amount raised for the Series A to $24 million. The funding will be allocated primarily to support the company’s factory ramp, research and development, and product launch, allowing Caelux to bring its more powerful, efficient, and affordable solar solution to market at a critical time of pressing environmental challenges.

The investment follows Caelux’s advancements in perovskite technology, creating a more near-term solution than previously thought possible and allowing for imminent deployment at scale. To bring this innovation to market, the company is building a manufacturing facility in Baldwin Park, California, and ramping up to reach 100MW of perovskite-coated glass.

“This funding round is a testament to the groundbreaking work we are doing at Caelux. Our advances in perovskite technology represent a seismic shift in the solar energy industry, providing more powerful, efficient, and cost-effective solar solutions,” said Scott Graybeal, CEO of Caelux. “This investment will support our mission to usher in the next generation of solar innovation, including our production of full-size perovskite sub-modules. We are excited to have attracted visionary, global investors to help us on our journey to multi-gigawatt scale.”

The company’s full-release product, Caelux™ One will be a major step forward in realizing the industry goal of greater than 30% efficient commercial tandem solar modules while meeting market requirements for durability. The advancements in scalability, efficiency, and reliability will lead to lower installation costs for developers and installers, increased revenue for module makers, and better returns at the project level by delivering more green energy at a lower cost compared to traditional crystalline silicon modules.

“Caelux is unlocking the promise of perovskite solar cells,” said Shyam Kamadolli, Managing Director at Fine Structure Ventures. “The company combines disruptive advancements in efficiency, reliability, and manufacturability to overcome the limitations the industry has encountered to date. We are thrilled to be working with Caelux to shape the solar energy industry and drive sustainable energy solutions for a better tomorrow.”

“Caelux’s approach to improving efficiencies by incorporating perovskites on glass is a bold and practical way to drive solar costs down & accelerate renewables growth,” said Rajesh Swaminathan, Partner at Khosla Ventures. “As an early backer of Caelux, we have been impressed with their progress from early technology development to building a pilot line with support from world-class partners and investors.”

To learn more about Caelux, visit www.caelux.com.

About Caelux:

Caelux‘s proprietary technologies improve the performance of any new crystalline silicon module, making solar energy more powerful and cost-effective. Headquartered in Pasadena, California, Caelux is at the forefront of the emerging science of perovskites, a special class of nanomaterials. Its flagship product, Caelux™ One, is an innovative product that integrates seamlessly into existing PV module manufacturing processes, boosting performance, reducing installed costs, and accelerating the proliferation of solar. For more information, visit www.caelux.com or connect on LinkedIn or Twitter.

Press Inquiries:
Kristen Aikey
JMG Public Relations
212-206-1645
[email protected]

SOURCE Caelux

DALLAS, Aug. 14, 2023 — Mammoth Holdings LLC, America’s premier express car wash platform, announced the recent opening of its newest location, Pitstop Car Wash in Theodore, Alabama. The new site, located just outside of Mobile, Alabama, aligns with Mammoth’s dual growth strategy of developing greenfield locations while also acquiring existing brands.

“We’re pleased to serve the town of Theodore with a state-of-the-art facility and world class customer service,” said Dave Hoffmann, Chairman and CEO of Mammoth Holdings. “The Theodore location is the company’s 6th greenfield opening this year and represents another step forward towards our goal of 500 sites.”

With 3 locations now in the Mobile market, the Theodore location is set to become a go-to destination for car owners in the area, providing convenience and top-notch service to every car and every customer. The site is the sixteenth Mammoth location under the Pitstop Car Wash brand.

Mammoth Holdings is the first car wash platform formed by industry insiders and has 118 operating locations. Mammoth is customer-focused operationally; operator-focused in its  approach to acquisitions; and seeks to be the partner-of-choice for car wash operators who desire liquidity, growth capital, and a tax-deferred equity investment opportunity. 

Mammoth Holdings’ multi-brand portfolio includes Busy Bee Car Wash, Coastal Carwash, Finish Line Car Wash, In & Out Express Carwash, Jax Kar Wash, Lulu’s Express Car Wash, Marc-1 Car Wash, Mr. Squeaky Car Wash, Pals Carwash, Pitstop Car Wash, PureMagic Carwash, Silverstar Car Wash, Speedy Clean Car Wash, Suds Car Wash, Swifty Car Wash, Ultra Car Wash, Wash Me Fast, Wash-N-Go Express Car Wash, and Wiggy Wash.  

Mammoth has significant growth capital and is actively seeking acquisitions and development opportunities.

In October 2018, Mammoth partnered with Red Dog Equity LLC, an Atlanta-based private equity firm, which, through its partnership with Tom Pritzker’s family business interests (Advised by The Pritzker Organization), provides the equity for Mammoth Holdings’ corporate development initiatives. Monroe Capital and Morgan Stanley provide Mammoth Holdings’ debt financing.

About Mammoth Holdings
Headquartered in Dallas, Mammoth Holdings operates 118 conveyor car washes under the Busy Bee Car Wash, Coastal Carwash, Finish Line Car Wash, In & Out Express Carwash, Jax Kar Wash, Lulu’s Express Car Wash, Marc-1 Car Wash, Mr. Squeaky Car Wash, Pals Carwash, Pitstop Car Wash, PureMagic Carwash, Silverstar Car Wash, Speedy Clean Car Wash, Suds Car Wash, Swifty Car Wash, Ultra Car Wash, Wash Me Fast, Wash-N-Go Express Car Wash, and Wiggy Wash brands in Georgia, Alabama, Kentucky, Illinois, Utah, South Carolina, Mississippi, Louisiana, Indiana, Missouri, Tennessee, North Dakota, South Dakota, Iowa, Nebraska, and Florida. 

Mammoth Holdings was founded by Gary Dennis and Chip Hackett in 2002. To learn more, please visit mammothholdings.com. 

About Red Dog Equity LLC
Red Dog Equity LLC is a private equity firm that invests in lower middle-market companies poised for strong growth in partnership with driven, entrepreneurial business leaders (“Red Dogs”). To learn more, please visit reddogequity.com. 

About The Pritzker Organization
The Pritzker Organization is the merchant bank for the business interests of the Tom Pritzker family. Additional information can be found at pritzkerorg.com. 

SOURCE Mammoth Holdings

New funding brings total potential in securitized financing raised since 2020 to USD$490M

NAIROBI, Kenya, Aug. 13, 2023 — d.light, the global provider of transformational household products and affordable finance for low-income households, today announced a $30 million securitization facility has been successfully secured from the Eastern and Southern African Trade and Development Bank Group (TDB Group), with the capability to purchase up to $125 million of receivable assets .

d.light will use the capital to increase its existing securitized financing facility in Tanzania and scale up its low-cost Pay-Go personal finance service in the country so that more low-income people and households can purchase the company’s affordable, solar-powered household products.

d.light has now raised $490 million in total securitized financing since 2020. The financing facility in Tanzania will be anchored by TDB.

d.light CEO Nick Imudia said, “This new financing from TDB gives us the extra funding to reach more low-income families and households in Tanzania via our Pay-Go business, in a way that is affordable for our customers and sustainable for our business.”

“d.light and our lending partners are long-time pioneers in developing securitized finance as an innovative, scalable financing model for raising equity for off-grid solar that is guaranteed against current and future customer sales. We’ve successfully used the securitization model for several years in Kenya and now we and our partners are expanding it to Tanzania.”

Michael Awori, CEO of TDB, said, “Access to energy is critical to the sustainable development of the continent, especially for the most vulnerable off-grid communities. As one of the leading renewable energy financiers in the region, we are delighted to extend this second facility to d.light, this time in Tanzania. Globally, in 2022 alone the company reached over 1,677,216 people through PAY-GO model, created close to 2,000 jobs, and averted 1,329,371 tons of CO2 and black carbon emissions with solar replacing kerosene lamps. This is the kind of impactful track record TDB is keen to support.”  

d.light’s Imudia continued, “As a scalable method of financing, securitization is an important fiscal tool to help African countries achieve the United Nations’ Sustainable Development Goals for energy access. Expect further expansion of this facility by d.light into other major sub-Saharan African markets during 2023.”

Tanzania is the fifth most populous country in Africa and its population of 63.6 million people is spread out over a wide geographical area. According to the World Bank, only 40 percent of the population have electricity access: the majority currently don’t have grid connectivity and a reliable power supply. Tanzania was one of d.light’s first markets and it has been selling its products there since 2008, a year after the company was founded. It has an office in Arusha City, Tanzania, that employs over 50 full-time employees.

d.light’s finance facility in Tanzania works by leveraging the payments of d.light’s existing and future customers there for solar products purchased using its Pay-Go service. This is then used to raise funding to upscale the company’s activities and grow market share in the country.

“d.light’s distribution and after-sales service network serves some of the most remote and hardest to reach areas of Tanzania,” Imudia explained. “We will continue to grow our distribution footprint to enable more communities to benefit from our range of safe, reliable, and affordable solar-powered products.”

In April, d.light achieved the milestone of transforming the lives of more than 150 million people worldwide with its range of reliable, affordable solar-powered household products.

d.light and its lending partner African Frontier Capital (AFC) are using the incoming capital as the basis for a new financing vehicle, Brighter Life Tanzania 1 Limited (BLT1).

Eric De Moudt, AFC’s founder and CEO, commented, “We are very happy to announce the launch of our latest social impact securitization, BLT1, which further expands our industry leading off-balance sheet securitization structures into new jurisdictions for d.light and brings the total volume of local currency receivables being financed to almost USD500M.

“These social impact securitizations are helping d.light to bring financial inclusion and access to reliable and clean energy to millions of people while simultaneously helping to ensure a just and equitable energy transition that benefits everyone.”

About d.light

Founded in 2007 at Stanford in California, d.light is a global leader in making transformative products available and affordable to low-income families. d.light has sold nearly 30 million products, including solar lanterns, solar home systems, TVs, radios, and smartphones, impacting the lives of over 150 million people. Our vision is to transform the lives of one billion people with sustainable products by 2030. For further information, visit: https://www.dlight.com

Follow us at twitter.com/dlightdesign and https://www.facebook.com/dlightdesigninc.

About TDB

Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution, with investment grade ratings and assets of USD 8.4bn. TDB serves 25 member states in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development, through trade finance, project and infrastructure finance and asset management.

TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance Company (TCI), and the TDB Academy.

About AFC

African Frontier Capital (Mauritius) LLC and its subsidiary companies are a dedicated impact investment group focused on bringing financial inclusion to people living at the bottom of the pyramid in a socially and environmentally sustainable way. For more information visit www.africanfrontiercapital.com or you can reach out to us on [email protected].

Photo – https://mma.prnewswire.com/media/2184321/Nick_Imudia.jpg

SOURCE d.light

RANCHO CUCAMONGA, Calif., Aug. 11, 2023 — To address the growing need for health care professionals in the region, Inland Empire Health Plan (IEHP) and University of La Verne are collaborating to create a brand-new resource: the IEHP Health Career Academy.

The not-for-profit health plan has committed $1.5 million to launch the academy under the University of La Verne Randall Lewis Center for Entrepreneurship, Innovation and Social Impact — a pillar of the university’s emerging education and innovation corridor located off D Street, between North Sultana and North Plum avenues in Ontario.

The academy’s goal is to fill critical workforce needs and retain talent to address health disparities within one of the fastest-growing population regions in the country. Funding will support the creation of certification for three critical frontline career fields: nursing assistants, medical assistants and central service technicians. The first program cohorts are expected to launch late spring 2024.

“This seed funding will support and enhance the great work University of La Verne is already doing to educate the next generation of frontline health care workers,” said Jarrod McNaughton, IEHP’s chief executive officer. “The new IEHP Health Career Academy will help to bolster the emerging workforce for the future of health care in the Inland Empire.”

The academy complements and aligns with the vision for the corridor, which will include programs that focus on entrepreneurship, law, public service, health equity, community well-being and educational advancement in historically underserved communities, according to the university.

“The new IEHP Health Career Academy will help address the critical shortage of frontline health care workers and accelerate professional training and certification in new and emerging subdisciplines requiring technological and interdisciplinary expertise in addressing patient and community challenges,” said University of La Verne President Devorah Lieberman.

One highlight of the new academy will be the Earn-to-Learn program, which provides students the opportunity to pursue necessary field certification while working in related entry-level positions and earning experience and pay. This model is a “practical way of alleviating a burden by providing a more financially inclusive and accessible education,” according to both entities. Participants can also receive entrepreneurial skills in the healthcare industry to support related start-up businesses, officials said.

About IEHP

With a mission to heal and inspire the human spirit, Inland Empire Health Plan (IEHP) is one of the top 10 largest Medicaid health plans, the largest not-for-profit Medicare-Medicaid plan in the country and for the third year in a row, certified as A Great Place To Work®. In its 27th year, IEHP supports more than 1.6 million Riverside and San Bernardino County residents enrolled in Medicaid or IEHP DualChoice (those with both Medi-Cal and Medicare). Today, IEHP has a growing network of 7,000 providers and 3,000 team members who are fully committed to the vision: We will not rest until our communities enjoy optimal care and vibrant health. To learn more, visit iehp.org.

About University of LaVerne

The University of La Verne is a nonprofit comprehensive institution offering a wide-range of liberal arts and professional programs incorporating the same core values it was founded on in 1891 – lifelong learning, ethical reasoning, civic and community engagement, and diversity and inclusivity. With more than 70 percent of students from underrepresented groups, the federally designated Hispanic-Serving Institution is among the most diverse small private universities in the nation. The Southern California-based university has five colleges and offers classes at the historic La Verne campus, through regional campuses, and online. The University of La Verne is nationally recognized and consistently holds rankings on the U.S. News & World Report National University, Best Value Schools, Top Performers on Social Mobility, and Best Online Programs lists.

SOURCE Inland Empire Health Plan (IEHP)