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Growth Equity
frontiergrowth.com

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Investments

101

Portfolio Exits

35

Funds

7

Partners & Customers

5

Service Providers

2

About Frontier Growth

Frontier Growth was founded in 1999 as a growth equity firm focused on providing capital and support to technology-enabled business services companies. Frontier is focused on providing growth equity investments of $5 to $15 million.

Frontier Growth Headquarter Location

525 N Tryon St. Suite 1900

Charlotte, North Carolina, 28202,

United States

704-414-2880

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Latest Frontier Growth News

d.light and SFC announce industry-leading USD 238 million multi-currency receivable financing facility

Jun 20, 2022

20-06-2022 08:24:00 | by: Marlene Mutimawase | hits: 278 | Tags: Solar Frontier Capital Limited (SFC), a wholly-owned subsidiary of African Frontier Capital (Mauritius) LLC (AFC), and d.light design Inc. (d.light), a leading global innovator of solarpowered transformational products for low-income families, have jointly announced the establishment of a USD 238 million financing vehicle, Brighter Life Kenya 2 Limited (BLK2). BLK2 is an off-balance sheet financing vehicle that provides d.light with flexible working capital, enabling the company to provide consumer financing and make its products universally available and affordable for customers, most of whom live below the poverty line and lack access to reliable power. The facility will finance a range of transformative products that drive quality-of-life improvements, from solar home systems to high-efficiency appliances and smartphones. BLK2 is the largest off-balance-sheet facility in the industry thus far, and comes on the heels of d.light celebrating 125 million lives impacted globally. BLK 2has been structured to provide d.light with multi-currency financing (up to the equivalent of USD 238 million in face value of receivables) over a two-year commitment period, giving the company continued access to sustainable and affordable receivable financing for its Kenyan business with a plan to expand to other African countries in the near future. The structure is expected to directly impact over 2.8 million lives including the over 1.9 million people with improved access to clean and modern energy who, together, will reduce over 600,000 metric tons of CO2 emissions1 . BLK2 is being partially financed by a USD 62 million senior lending facility supported by U. S. International Development Finance Corporation (DFC), Norfund, responsAbility’s managed Funds, and Oikocredit. AFC acts asthe subordinated lender as well asthemasterservicer and back-up servicer under the transaction and, more generally, as sponsor of the structure. Commenting on the announcement: d.light CEO Ned Tozun said, “Establishing a large, scalable, multi-currency financing facility will enable millions of families to transform their lives through access to products that were previously out of reach. This facility paves the way for a long-term sustainable business model to bring affordable and transformative technology products to customers who are unbanked and without access to electricity.”  Mark Davis, EVP Clean Energy at Norfund commented, “As a long-term equity investor in d.light, Norfund has been impressed with how the company has given millions of people access to clean energy. We are especially pleased that we through this deal are able to provide capital in local currency, to reduce borrowing costs and make it possible for d.light to give increased quality of life through solar energy to even more people.” James Todd, Head of Renewable Energy at Oikocredit: “This facility will impact the lives of millions in Kenya and we are highly confident that it will prove to be a template for even greater impact across the continent. We are thrilled to be able to support d.light’s continuous upward trajectory through the sustainable expansion of its pay-as-you-go activities” Antonia Schaeli, Deputy Head Direct Investments - Climate Finance, responsAbility: “We are pleased to be part of this innovative receivable financing structure to support d.light’s dynamic growth in Kenya and across African countries. This further reinforces responsAbility’s partnership with d.light started in 2017, providing financing towards solar-powered transformative products to retail consumers.” Eric De Moudt, founder and CEO of AFC, remarked that, “We are incredibly excited to be able to support d.light as it continues to transform so many millions of lives across Africa with such positive environmental and social impact in a financially sustainable manner.” Founded in 2006 at Stanford, d.light is a global leader in making transformative products available and affordable to low-income families. Most of the customers we serve don’t have access to financing or reliable power, and d.light removes those barriers. We enabling financing with our "Pay As You Go" technology and we enable reliable power through our solar energy solutions. d.light has sold over 25 million products including solar lanterns, solar home systems, TVs, radios and smartphones, impacting the lives of over 125 million people. Our vision is to transform the lives of 1 billion people with sustainable products by 2030. [Column] Sergio Pugliese: Opportunities created by Angola’s energy transition Angola’s energy transition continues to power the country’s grid and cultivate socioeconomic opportunities  ... read full column here [Column] Anthony Osijo: How to sustainably finance renewable energy industry There are clearly multiple hurdles at play when considering how best to solve the major global problem of energy poverty ... read full column here [Column] Verner Ayukegba: Angola targets 60% electrification by 2025 driven by renewables Angola is uniquely positioned to expand the role of its already strong hydropower sector ... read full column here INTERVIEWS. [Interview] Janek Winand, Managing Director, Siemens Gamesa, South Africa Janek Winand  is the Managing Director of  Siemens Gamesa South Africa ,  a leader in the renewable energy industry, working to provide the world's best offshore and onshore wind turbines and services ... read full interview here [Interview] Sidney Zeeman, Sales and Business Development Manager, Independent Energy BV Independent Energy BV  is a company that designs, manufactures and install on- and off-grid solar and backup solutions worldwide from small house-size systems to large complete “plug and play” installations ... read full interview here

Frontier Growth Investments

101 Investments

Frontier Growth has made 101 investments. Their latest investment was in SupplyPike as part of their Series B on July 7, 2022.

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Frontier Growth Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/18/2022

Series B

SupplyPike

$25M

Yes

4

3/9/2022

Series A

Instant Teams

$13M

Yes

2

3/8/2022

Series B

Wealthbox

$31M

Yes

8

12/21/2021

Series A

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$99M

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10

12/6/2021

Growth Equity - II

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$99M

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10

Date

7/18/2022

3/9/2022

3/8/2022

12/21/2021

12/6/2021

Round

Series B

Series A

Series B

Series A

Growth Equity - II

Company

SupplyPike

Instant Teams

Wealthbox

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Amount

$25M

$13M

$31M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

4

2

8

10

10

Frontier Growth Portfolio Exits

35 Portfolio Exits

Frontier Growth has 35 portfolio exits. Their latest portfolio exit was talentReef on August 10, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

8/10/2022

Acquired

$99M

1

8/26/2021

Acquired

$99M

2

8/2/2021

Acquired

$99M

2

3/3/2021

Acquired

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$99M

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10

2/22/2021

Acquired

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$99M

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10

Date

8/10/2022

8/26/2021

8/2/2021

3/3/2021

2/22/2021

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

2

2

10

10

Frontier Growth Acquisitions

4 Acquisitions

Frontier Growth acquired 4 companies. Their latest acquisition was ListenFirst Media on September 05, 2018.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/5/2018

$99M

Acq - Fin

2

1/5/2017

Debt

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$99M

$99M

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10

4/2/2015

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$99M

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10

2/14/2012

Private Equity

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$99M

$99M

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0

Date

9/5/2018

1/5/2017

4/2/2015

2/14/2012

Investment Stage

Debt

Private Equity

Companies

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Valuation

$99M

$99M

$99M

$99M

Total Funding

$99M

$99M

Note

Acq - Fin

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Sources

2

10

10

0

Frontier Growth Fund History

7 Fund Histories

Frontier Growth has 7 funds, including Frontier Fund V.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/6/2017

Frontier Fund V

Diversified Private Equity

Closed

$700M

5

3/3/2015

Frontier Fund IV

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$99M

10

6/18/2012

Frontier Fund III

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$99M

10

3/5/2008

Frontier Fund II

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$99M

10

7/31/1999

Frontier Fund I LP

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$99M

10

Closing Date

12/6/2017

3/3/2015

6/18/2012

3/5/2008

7/31/1999

Fund

Frontier Fund V

Frontier Fund IV

Frontier Fund III

Frontier Fund II

Frontier Fund I LP

Fund Type

Diversified Private Equity

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Status

Closed

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Amount

$700M

$99M

$99M

$99M

$99M

Sources

5

10

10

10

10

Frontier Growth Partners & Customers

5 Partners and customers

Frontier Growth has 5 strategic partners and customers. Frontier Growth recently partnered with GovQA on July 7, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

7/9/2019

Partner

United States

1

10/31/2018

Partner

United States

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10

10/9/2018

Partner

United States

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10

1/17/2018

Partner

United States

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10

1/9/2018

Partner

Canada

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10

Date

7/9/2019

10/31/2018

10/9/2018

1/17/2018

1/9/2018

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Country

United States

United States

United States

United States

Canada

News Snippet

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Sources

1

10

10

10

10

Frontier Growth Service Providers

2 Service Providers

Frontier Growth has 2 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

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Service Provider

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Associated Rounds

Provider Type

Counsel

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Service Type

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Partnership data by VentureSource

Frontier Growth Team

7 Team Members

Frontier Growth has 7 team members, including current Chief Financial Officer, Lori Shell.

Name

Work History

Title

Status

Rahul R. Vaid

Founder

Current

Peter L. Venetis

Founder

Current

Lori Shell

Chief Financial Officer

Current

Andrew Lindner

Founding Partner

Current

David Gray

Managing Partner

Current

Name

Rahul R. Vaid

Peter L. Venetis

Lori Shell

Andrew Lindner

David Gray

Work History

Title

Founder

Founder

Chief Financial Officer

Founding Partner

Managing Partner

Status

Current

Current

Current

Current

Current

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