This archive report was first published on 2 September 2019.
Published on September 2, 2019, Sun Exchange, a pioneering solar cell marketplace based in Cape Town, has successfully raised R7 million (approximately US $460,000) through a crowdfunding campaign on Uprise.Africa. This significant investment will enable the company to further develop its platform, expand its operations, and promote accessible and affordable solar power across the African continent.
According to Abraham Cambridge, CEO and Founder of Sun Exchange, the partnership with Uprise.Africa will create an opportunity for anyone to invest in the company and own part of a disruptive business that is revolutionizing the energy sector. Cambridge stated, “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.”
The crowdfunding campaign, which is open to anyone over the age of 18, aims to help Sun Exchange transition the world away from harmful fossil fuels by promoting solar power for all. The funds raised will accelerate the company’s growth, including elevating its marketing efforts, scaling to new markets, and building out its technology team.
Some of Sun Exchange’s existing investors include Boost VC, Alphabit, Techstars, and numerous individual U.S. and E.U. investors. The company plans to use the funds to establish a larger, permanent office in Cape Town, take on new staff, and grow its sales, business development, and marketing teams.
“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,” added Cambridge.
Launched in 2015, Sun Exchange has built a community of over 8,000 members across 140 countries and brought solar power to 13 South African schools, businesses, and organisations, offsetting 1,500 tonnes of carbon per year. The company believes that this new phase gives its customers and supporters an opportunity to deepen their support of its mission to bring solar power to millions of homes and offices globally.
