Sun Exchange Secures $3m Investment, Closes $4m Funding Round
- SA blockchain-based solar panel micro-leasing marketplace Sun Exchange has secured an investment of $3 million and closed a $4 million Series-A funding round.
- The Sun Exchange wants to allow platform users to finance solar power for schools, hospitals, farms, cell towers, water plants, businesses and other organizations across the continent.
- The startup’s project portfolio has almost tripled in size, with the company now providing solar power to 31 schools, companies and organisations throughout South Africa.
SA blockchain-based solar panel micro-leasing marketplace Sun Exchange has secured an investment of $3 million (R50 million) from ARPF, a Mauritian private equity firm supported by London-based Arch Emerging Markets Partners.
The investment marks the close of an R67 million ($4 million) Series-A funding round, Sun Exchange announced this today in a statement.
The start-up, which was founded by Abe Cambridge in 2015, allows almost anybody, anywhere in the world, to purchase remotely located solar cells that power colleges, businesses and other organizations in South Africa and other sunny emerging markets.
It will also use the funds to improve marketing efforts and make major technological upgrades to broaden its functionality and features on the platform.
In the same statement, Arch Managing Director William Barry said Sun Exchange is positioned to thrive as an enabling force in the impending global energy and economic expansion.
“Arch is thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in Sub-Saharan Africa,” he said.
Sun Exchange reports last year that the company has more than doubled its group size, which now has more than 17 000 members from 162 countries.
In addition, the Sun Exchange project portfolio has almost tripled in size, with the company now providing solar power to 31 schools, companies and organisations throughout South Africa.
The recent announcement comes after last year’s SA equity crowdfunding platform Uprise.Africa decided to reimburse all 288 shareholders who participated in SA startup Sun Exchange’s over R4.2-million crowdfunding campaign.
The blockchain-based solar panel micro-leasing marketplace raised over R4.2-million through the campaign that concluded last year on 30 November.
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