South African solar energy company Sun Exchange is collaborating with Uprise.Africa to launch a $460,000 (ZAR 7 million) equity crowdfunding campaign. This is in a bid to complete its round of seed funding.
Sun Exchange, which was established in 2015, has a stable community that comprises more than eight thousand members spread in almost 140 countries. Since its launch, the company has initiated solar power in more than 10 South African schools, organizations, and businesses. This move has equalized up to 1500 tons of carbon every year.
Currently, the startup company is engaged in generating up to $3 million in a seed funding round that has since accumulated nearly $800,000. Sun Exchange seeks to apply crowdfunding strategy to secure a portion of the fund, which forms the basis of its collaboration with Uprise.Africa.
Uprise.Africa will facilitate the entire investment process and allow several investors to support the startups in South Africa. In 2018, the company initiated its own equity funding round, which resulted in a major milestone this year when one of the South African startups—Intergreatme, secured $2.19 million (ZAR 32.436 million) from more than 400 investors.
In the new partnership, Sun Exchange aims to give up a 5.2% equity stake in Uprise.Africa in a bid to utilize the company’s two-week private sale opportunity. So far, the campaign has generated $58,000 (ZAR 888,000).
Confirming the collaboration, Sun Exchange Founder and CEO Abraham Cambridge said:
“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.”
Sun Exchange believes in decentralization, democratization, and profits as its core values. Besides, the company believes in the power of the crowd and the ability of people to come together and create lasting positive social and environmental impacts—even as they earn stable financial returns. The company believes that the equity crowdfunding campaign with Uprise.Africa embodies these values.
Uprise.Africa Supports Startups
According to Patrick Schofield, the co-founder of Uprise.Africa, the company is committed to supporting organizations that demonstrate the possibility of running a successful business while developing important positive social and environmental impacts.
“Sun Exchange is an African success story on the fast-track to revolutionising energy and finance and we are delighted to be part of that journey,” Schofield said.
The funds generated through the equity crowdfunding campaign will propel Sun Exchange to the next level of growth. It will also enable the company to boost its marketing efforts and tap into new markets in Africa. Importantly, it will establish a technology team and cement a permanent and bigger office in Cape Town.