Sun Exchange, a global solar micro-leasing marketplace, which last month kickstarted a R7 million ($460,000) Uprise.Africa equity crowdfunding campaign, for about 5.2% equity stake in the company is extending the campaign.
To date, 216 individuals have invested R3,454 million ($230 000).
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 (identity verification) and a prospectus review process, shares will be issued to all verified participants.
“We want to build on this momentum and continue pursuing our ultimate goal of raising R7 million through the campaign, so we’ve decided to extend the campaign until 30 November,” the company said in its blog.
“That means you now have 30 more days to take part in the unique opportunity to own equity in Sun Exchange, a fast-growing, U.S.-based company, operating in South Africa, that will soon expand globally.
“By participating in our equity crowdfunding campaign, you become part of the world-wide Sun Exchange movement, working to transition the world towards clean energy, while deepening your ability to benefit from the success of that movement.”
In the eight weeks since Sun Exchange launched the Uprise.Africa campaign to the public, it has had several additional successes that underscore its innovative leadership in the technology and solar finance landscapes, including:
- Selling out four additional solar project crowdsales, including Wynberg Girls’ Junior and High Schools, Wynberg Boys’ Junior School and Spar Supermarket in Warrenton, South Africa.
- Launching the crowdsale for Hoërskool Bellville, which is now well underway.
- Securing two additional solar project offtakers with crowdsales that are ready to go and will launch in the coming days.
- Completing the installation of the Spar Hoedspruit and Wynberg Boys’ High School solar projects, which are now fully operational and streaming monetised sunshine to the solar cell owners’ wallets, while delivering clean, affordable power to the energy consumers.
- Sun Exchange and the Uprise.Africa campaign have been highlighted in top global and South African press, including CNN, CNBC Africa, finweek, and top South African talk radio station, Cape Talk.
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 brought solar power to 13 South African schools, businesses and organisations, offsetting 1,500 tonnes of carbon per year, and growing.
It has received extensive accolades for its unique approach to solar finance, including being named one of Fast Company Magazine’s Top 10 Most Innovative Companies in Africa, and is listed among Africa’s “Energy Elites” by ESI Africa for the last two years running.
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 E.U. 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 to new markets in Africa in the short term, and Eastern Europe, South America and Central Asia in the medium to long term.
- Building out its technology team to further develop the already robust, award-winning Sun Exchange platform into an interactive and gamified solar cell ownership dashboard with rewards and referral programmes.
- Establishing a larger, permanent office in Cape Town, along with taking on new staff to grow the sales, business development and marketing teams.
The Sun Exchange Uprise.Africa equity crowdfunding campaign is part of a US $3 million (R45 million) seed funding round, of which Sun Exchange has raised $800,000 (R12 million) to date from global investors, including $500,000 (R7.6 million) from the multi-million dollar hedge fund, Alphabit Fund.