South African Blockchain-Based Solar Firm Aims For $3M Funding Round Led By US Investment Fund

South African Blockchain-Based Solar Firm Aims For $3M Funding Round Led By US Investment Fund

The Sun Exchange, a South African blockchain-based solar micro-leasing marketplace, is looking to current investor Alphabit for additional funding, with $750,000 already committed.

The African startup is raising funding from U.S.-based cryptocurrency and digital asset investment fund Alphabit, which typically backs companies that are trying to solve problems through blockchain technology, according to Ventureburn.

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The U.S. hedge fund invested $500,000 in the company in September 2018,
ITWebAfrica reported.

The Sun Exchange allows anyone in the world to own or lease solar panels used to power African businesses and communities; earning panel owners an income.

The blockchain-based firm raised more than $1 million through its SUNEX token sale in December 2018, according to the company’s blog.

The initial coin offering managed to raise 20 percent of its initial target of $5.4 million, but the firm is now aiming to secure a further $3 million investment in a new round.

Founder and CEO Abe Cambridge revealed that $750,000 of the round has already been committed, Ventureburn reports.

Blockchain-based Sun Exchange
The Sun Exchange is no stranger to raising funding, having done so since it was launched in 2014. Photo – AP – Schalk van Zuydam

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In 2017, the Stellenbosch-based startup raised a $1.6 million investment through South African venture capital company Kalon Venture Partners, Network Society Ventures, BoostVC, TechStars and Powerhouse, Coindesk reported.

Having attracted $3.1 million in five years, a further $3 million investment would almost double the funding that the firm has raised thus far.

Cambridge says that his company now has 6,000 members in 126 countries, according to Ventureburn.

Launched in 2014, the blockchain startup has expanded its reach globally with a U.S. headquarters in California and a regional operating office in Dubai.