About Sunseap
Sunseap is an Energy & Utilities company based in Singapore (Singapore) founded in 2011 by Jiemin Wu and Frank Phuan, and was acquired by EDP Renewables in November 2021. Solar rooftop installations and power production are provided for businesses. Sunseap has raised $238.82 million across 12 funding rounds from investors including Goldman Sachs, ING and EDP Renewables. Its chief executive, as recorded, is Frank Phuan. Its focus areas include Energy, Solar Energy, Independent Power Producer and Multi-Scale. Its legal entity is SUNSEAP GROUP PTE. LTD. Its competitors include Sembcorp Industries, AMPYR and Eigen Energy; 1 of its 3 listed competitors has raised funding.
Company details
Sunseap was established in 2011 in Singapore, where solar energy services are focused. Rooftop installation solutions are delivered to commercial clients, alongside operations as an independent solar power producer. Licensing as an energy retailer in Singapore has been obtained. Recognition through the Singapore Sustainability Award was received in 2013, supporting activities in the renewable energy sector.
- Headquarters Singapore, Singapore
- Founders Jiemin Wu, Frank Phuan
- Stage Acquired
- SectorsEnergy & Utilities
- Website sunseap.com
- Social LinkedIn
- Acquired by EDP Renewables (Nov 2021)
- Legal Name Sunseap Group Pte. Ltd.
- Annual Revenue$143.86 M (USD)19as on Dec 31, 2023
- Net Profit-$33.49 M (USD)-48as on Dec 31, 2023
- EBITDA$28.75 M (USD)63as on Dec 31, 2023
- Total Equity Funding$238.82M (USD)
in 12 rounds
- InvestorsGoldman Sachs
& 11 more
- Acquired byEDP Renewables
(Nov 2021)
Funding Insights of Sunseap
Sunseap has successfully raised a total of $238.82M across 12 strategic funding rounds. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $238.82M
- Total Rounds 12
- First Round $50M
(Feb 2014)
- Investors Count 11
Latest 10 of 12 funding rounds of Sunseap with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Mar 2021 | Series E | – | Dutco | – | |
| Feb 2020 | $72M | Series D | – | Banpu NEXT | – |
| Jan 2020 | $36.81M | Series D | – | Temasek | |
| Jun 2019 | $31.47M | Debt – Conventional | – | – | |
| Apr 2019 | $37M | Debt – Conventional | – | – | |
| Sep 2017 | $55.7M | Series D | – | Banpu NEXT | – |
| Aug 2017 | Series C | – | Shell Ventures | – | |
| May 2017 | $10.6M | Debt – Conventional | – | – | |
| May 2017 | $4.8M | Series C | – | ISOTeam | – |
| Aug 2015 | $36.11M | Debt – Conventional | – | – | – |
12 investors in total: 12 institutional.
Investors in Sunseap
Sunseap has secured backing from 12 investors, including institutional and venture fund investors. Prominent investors backing the company include Goldman Sachs, ING and EDP Renewables.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
An investment platform is provided for diverse sectors and geographies. | 1974 | temasek.com.sg | Singapore, Singapore | |
Infrastructure investments in impact-driven companies are managed. | abcimpact.com.sg | Singapore, Singapore | ||
Venture capital firm backed by Shell | shell.com/energy-and-innovation/innovating-together/shell-technology-ventures.html | The Hague, Netherlands | ||
A venture capital firm focused on decarbonization investments globally. | trirec.co | Singapore, Singapore | ||
Investment banking services are delivered across multiple financial sectors. | 1869 | goldmansachs.com | New York, United States | |
A diversified conglomerate, Dutco is engaged in construction, hospitality, and energy sectors. | 1947 | dutco.com | Dubai, United Arab Emirates | |
| banpunext.co.th | ||||
Diversified banking and financial services are offered worldwide. | 1935 | uobgroup.com | Singapore, Singapore | |
Commercial banking and insurance services are provided globally by ING. | 1991 | ing.com | Amsterdam, Netherlands | |
Painting, plumbing, interior decoration, and repair services are provided. | 1998 | isoteam.com.sg | Singapore, Singapore |
Investor details for Sunseap
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
People of Sunseap
42 people are tracked at Sunseap (17 in leadership, 4 in board & advisors, 21 in team).
| Name | Role | Group |
|---|---|---|
Jiemin Wu | Co-Founder | Leadership |
Frank Phuan | Co-Founder & CEO | Leadership |
Pedro Vasconcelos | COO, APAC–EDPR | Leadership |
Jeff Lim | Regional & Country Head, Vietnam & Thailand | Leadership |
Lawrence Wu | CFO | Leadership |
Alex Teng | Head Of Construction (hdb) | Leadership |
Ja'Afar Karim | Head Of Asset Operations - Singapore | Leadership |
Simon Franklin | Country Director | Leadership |
Teen Yen Lee | Head Of Brand, Communications And Sustainability | Leadership |
João MacHado | Executive Director - M&a, Corporate And Business Development | Leadership |
John Killick | Head, Operations & Technology Green Mobility | Leadership |
Jade Ho | Head, People Services And Systems, APAC | Leadership |
Nuno Marinho | Head Of Special Projects & Innovation | Leadership |
Charmaine Lye | Head Of Customer Experience | Leadership |
Justin Lim Wei Tze | Head, Global & Key Accounts | Leadership |
Michael Lim | Head, DG Operations & Maintenance (asset Operations) | Leadership |
Ee Hong Wong | Country Director, China | Leadership |
João Pedro Burnay Summavielle | Director | Board & advisors |
Bautista Rodríguez | Director | Board & advisors |
Robert Yap | Director | Board & advisors |
22 more people are available in the full profile.
Complete people profiles for Sunseap
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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- Team structure
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Timeline of Sunseap
4 dated milestones of Sunseap across 10 years, from founding to its latest funding, stage changes and deals.
- Founded Sunseap is founded.
- Funding First funding round of $50.0M.
- Funding Latest funding round, Series E,.
- Exit Acquired by EDP Renewables.
Competitors of Sunseap
Sunseap has 3 listed competitors in our database, 1 of them funded. They include Sembcorp Industries, AMPYR and Eigen Energy.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| sembcorp.com | 1998 | Singapore | 7,000 | Large-scale asset development and management are conducted globally. | ||
| ampyrenergy.com | 2018 | Singapore | $950,625 | Solar and wind energy projects are developed globally. | ||
| eigen.energy | 2015 | Singapore | Provides solar PV, EV charging, and energy storage for residential, commercial, and utility sectors. |
Detailed competitors of Sunseap
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Related news about Sunseap
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Frequently Asked Questions about Sunseap
Sunseap was founded in 2011 and raised its 1st funding round 3 years after it was founded.
Sunseap is headquartered in Singapore, Singapore.
Frank Phuan is the CEO of Sunseap, as recorded in our data. They have also founded this company.
Sunseap is a funded company, having raised a total of $238.82M across 12 funding rounds to date. The company's 1st funding round was a Debt – Conventional of $36.11M, raised on Feb 2014.
Annual revenue of Sunseap is $143.86M as on Dec 31, 2023.
Sunseap was established in 2011 in Singapore, where solar energy services are focused. Rooftop installation solutions are delivered to commercial clients, alongside operations as an independent solar power producer. Licensing as an energy retailer in Singapore has been obtained. Recognition through the Singapore Sustainability Award was received in 2013, supporting activities in the renewable energy sector.
Sunseap's top competitors include Sembcorp Industries, AMPYR and Eigen Energy.
Sunseap has 12 investors. Key investors include Goldman Sachs, ING, EDP Renewables, United Overseas Bank, and Temasek.
Sunseap operates through Sunseap Group Pte. Ltd..
Yes. Sunseap was acquired by EDP Renewables in November 2021.