Sun Exchange, South Africa’s blockchain solar energy startup has secured a $3 million (~ ZAR 50 million) investment from ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARPF) for local expansion.
Sun Exchange‘s founder and CEO Abe Cambridge said, “There has never been a more critical time to accelerate the Sun Exchange mission of connecting the entire world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined.”
Bringing the close of its $4 million (~ ZAR 67 million) Series-A funding round, the new funding is expected to bolster Sun Exchange marketing activities to grow its membership base, and make significant software enhancements to extend the capabilities and features of its online platform.
The funds will help Sun Exchange power more schools, clinics, farms, cell towers, water plants, businesses and other organisations across Sub-Saharan Africa.
“Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets,” said According to William Barry, Managing Director of ARCH. “We are 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.”
Founded in 2015, The Sun Exchange, has more than 8,000 Sun Exchange members across the world. The firm has brought solar power to 13 South African schools, businesses and organisations, offsetting 1,500 tonnes of carbon per year, and growing
Last year, the firm’s crowdfunding campaign raised over ZAR 4.2 million raised from over 200 investors from across the globe. Before that, it had raised R7 million (approx. US $460,000) for about 5.2% equity stake in the company.
Sun Exchange more than doubled the size of our community, now standing at more than 17,000 members from 162 countries. Additionally, our project portfolio nearly tripled in size, and we are now facilitating solar power for 31 schools, businesses and organisations across South Africa. We look forward to building on our success and reputation as a leading technology and solar finance innovator across Africa.
Adam Draper, Co-Founder and Managing Director, Boost VC, an early Sun Exchange investor, stated, “amidst the unprecedented health and financial hardships currently impacting the entire world, we’ve seen an undeniable slowdown in VC deals. This successful raise speaks volumes of the ingenuity and resilience of the Sun Exchange business model.”