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 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.
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.