South African P2P solar leasing startup Sun Exchange has launched a ZAR7 million (US$460,000) Uprise.Africa equity crowdfunding campaign as it looks to complete its seed funding round.
Launched in 2015, Sun Exchange has built a community of more than 8,000 members across approximately 140 countries and brought solar power to 13 South African schools, businesses and organisations, offsetting 1,500 tonnes of carbon per year.
The startup is in the process of raising a US$3 million seed funding round, of which it has raised around US$800,000 to date, and is attempting to secure a portion of that through crowdfunding platform Uprise.Africa, which facilitates the whole investment process and enables multiple investors to support South African startups
Uprise.Africa, which raised an equity funding round of its own last year, achieved a major milestone this year when regtech startup Intergreatme secured ZAR32.436 million (US$2.19 million) from 406 investors. Sun Exchange is giving up a 5.2 per cent equity stake in the company, with the campaign now live following a two-week private sale period. At the time of writing it had secured ZAR888,000 (US$58,000).
“We’re thrilled to partner with Uprise.Africa to create an opportunity for anyone to invest in Sun Exchange, own part of one of the most disruptive companies across the African continent, and benefit from our continued growth and success,” said Abraham Cambridge, the startup’s founder and chief executive officer (CEO).
“Decentralisation, democratisation, and profits with purpose are core values for Sun Exchange. We believe in the power of the crowd and people’s ability to unite to create lasting positive social and environmental impacts, while also earning solid financial returns. This equity crowdfunding campaign epitomises those values.”
Patrick Schofield, co-founder of Uprise.Africa, said his company supported organisations that demonstrate it is possible to run a successful business while creating significant positive social and environmental impacts.
“Sun Exchange is an African success story on the fast-track to revolutionising energy and finance and we are delighted to be part of that journey,” he said.
Funds raised through the Uprise.Africa campaign will accelerate Sun Exchange towards its next stage of growth, helping it step up marketing efforts, scale to new markets in Africa, build out its technology team, and establish a larger, permanent office in Cape Town.