South African P2P solar leasing startup Sun Exchange has extended its equity crowdfunding campaign on Uprise.Africa by 30 days after raising over ZAR3.5 million (US$230,000) – half its initial target amount.
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.
Disrupt Africa reported in September the company had launched a ZAR7 million (US$460,000) Uprise.Africa equity crowdfunding campaign as it looks to complete its US$3 million seed funding round, of which it had so far raised around US$800,000.
That figure now stands at over US$1 million after Sun Exchange raised approximately US$230,000 from 225 investors in the campaign’s prescribed period, and interested parties now have more time to invest after the deadline was extended by 30 days.
“Seeing the investments surpass the R3 million tipping point this week was exciting and encouraging, as having achieved this milestone means the campaign is officially a success and, pending FICA Compliance checks and a prospectus review process, shares will be issued to all verified participants,” Sun Exchange said.
Sun Exchange is giving up a 5.2 per cent equity stake in the company, with funds raised through the Uprise.Africa campaign to be used to accelerate it 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.