South African leasing solar startup Sun Exchange has raised US$3 million to close its Series A funding round totalling US$4 million.
The US$3 million investment came from the Africa Renewable Power Fund of London’s ARCH Emerging Markets Partners.
Founded in 2015 by Abe Cambridge, The Sun Exchange operates a peer-to-peer, crypto enabled business that allows individuals anywhere in the world to invest in solar infrastructure in Africa. It then generates revenues by earning margins on sales of solar panels and fees on purchases and kilowatt-hours generated.
According to the company, it has members in 162 countries who have invested in solar power projects for schools, businesses, and organizations throughout South Africa.
“We’re going to expand into other Sub-Saharan African countries. We’ve got some clear opportunities on our roadmap,” Cambridge said, referencing Nigeria as one of the markets Sun Exchange has researched.
“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 William Barry, managing director of ARCH.