As 2019 comes to a close, we are very excited to announce that we have successfully closed our Series B round, with additional investments from existing shareholders as well as the Persistent team. Two major investments come from UK-registered charity Shell Foundation with USD 3m investment, and new investor, Singapore-based Dream Project Incubators who signed for an investment of USD 2m. This shows great support from our investors and confirms our position as a unique and successful venture builder in the off-grid energy sector.
In 2012 we started Persistent with the thesis that building high impact ventures in emerging markets can deliver attractive financial returns. We take these Series B investments, from an impact first foundation on one side and return driven impact investors on the other, as a strong confirmation of this thesis. Many more ventures are needed to meet the Sustainable Development Goals (SDGs), and the venture building model we have adapted to the emerging market context is ideally positioned to address this need. With fresh capital, an excellent team and a decade in experience, we are excited about the opportunities ahead.
We want to say thank you to our investors, partner companies and the entire Persistent team for overcoming hurdles, sharing in our achievements and overall making this past year a success. We appreciate your support and commitment to our vision. In 2020, we will continue to focus on engaging and building new ventures that tackle the SDGs, supporting entrepreneurs in emerging markets and expanding our impact footprint.