Sun Exchange, the world’s first buy-to-lease marketplace for solar cells, is seeking to raise R7 million ($460,000) via an equity crowdfunding campaign with Uprise.Africa. This is part of the company’s current fundraising round which it seeks to raise up to $3million to grow its business.
This R7 million will equate to approximately 5.2% (fully diluted) of the post-money equity of Sun Exchange of the company reaches its $3 million fundraising target. Following a two-week private sale period, the Uprise.Africa campaign is now open to the public. This would value the company at approximately $10.7 million (R141 million) which is what is referred to as the fully-diluted post-money valuation.
Sun Exchange has raised approximately $800,000 (approx. R12 million) to date from international investors, including US $500,000 (approx. R7.6 million) from the multi-million dollar hedge fund, Alphabit Fund, announced in October 2019.
“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, CEO and Founder, Sun Exchange. “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.”
Sun Exchange is renowned as a technology and renewable energy leader across Africa. Since launching in 2015, the company has built a community of more than 8,000 Sun Exchange members across approximately 140 countries and already brought solar power to 13 South African schools, businesses and organisations, offsetting 1,500 tonnes of carbon per year, and growing. Sun Exchange has received numerous accolades for its unique approach to solar financing, including being named one of Fast Company Magazine’s Top 10 Most Innovative Companies in Africa, and being listed among Africa’s “Energy Elites” by ESI Africa for the last two years running.
“Uprise.Africa supports organisations that demonstrate that it is possible to run a successful business while creating significant positive social and environmental impacts,” said Patrick Schofield, Co-founder, Uprise.Africa. “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.”
Sun Exchange has grown into a globally significant brand, bringing in investors such as Boost VC, Alphabit, Techstars, as well as numerous individual U.S. and EU investors. Funds raised through the Uprise.Africa campaign will accelerate the company towards its next stage of growth, including:
- Elevating marketing efforts to grow the Sun Exchange user base by 10X over the next two years.
- Scaling into new markets in Africa in the short term, and Eastern Europe, South America and Central Asia in the medium term.
- Expanding its technology team to further enhance its already robust, award-winning Sun Exchange platform into an interactive and gamified solar cell ownership dashboard with rewards and referral programmes.
- Establishing a larger HQ office in Cape Town to accommodate its expanding sales, business development and marketing teams.
