According to Disrupt-Africa, the South African peer-to-peer solar leasing platform just announced a $3 million investment that will finance its expansion into new markets across the continent. Sun Exchange was launched in 2015, enabling users to purchase remotely-powered solar cells that can power schools, businesses, and other large organizations.
The startup boasts a community of over 17000 members drawn across 160 countries. In South Africa, they have been able to power 24 institutions. The company has been on a spirited drive to raise Serie A funding, even getting earlier investments from other sources.
Sun Exchange recently closed a $4 million round with $3 million of that sum coming from Africa Renewable Power Fund (ARPF) – a private equity firm based in Mauritania and advised by London-based ARCH Emerging Markets Partners.
Scaling their business is top of their agenda, as they seek to establish themselves as a force in economic transformation and global energy. This unique platform harnesses the best attributes of an international-solar-community to unlock opportunities for establishing distributed solar opportunities in emerging markets.
The founder and CEO of Sun Exchange, Abe Cambridge, who is razor-focused in connecting the world to the sun and play a lead role in resetting the energy systems globally. He mentioned “the next phase of growth” will require a diversification of their solar cell portfolios as they venture into new regions and industries.