South African blockchain-based peer-to-peer solar lending startup The Sun Exchange has received US$1.6 million in funding from a host of investors to accelerate its growth.
The Sun Exchange allows users to crowdfund solar projects in Africa using bitcoin, increasing transparency and reducing the cost of the cross-border transactions.
The US$1.6 million seed financing round includes investors such as New York’s Network Society Ventures and Johannesburg’s Kalon Venture Partners, as well as leading technology accelerators BoostVC, Techstars and Powerhouse.
It will boost The Sun Exchange’s capacity to meet the demand for its pipeline of commercial-scale solar power projects, located in the sunniest regions of the planet. The startup has already expanded globally with a United States (US) headquarters in California and a regional operating office in Dubai.
“Solar power is the most promising technology to achieve a zero-carbon future,” said Abraham Cambridge, chief executive officer (CEO) of The Sun Exchange.
“It’s the fastest growing source of energy, but billions of people don’t own their own roof or have the capital to get it. By breaking down solar panel ownership to a single cell we reduce the cost of going solar by two orders of magnitude and we’re utilising empty roof space in some of the sunniest cities on the planet, such as Dubai and Johannesburg.”
“At the intersection of the exponentially growing technologies of solar photovoltaics, crowdfunding and blockchain, The Sun Exchange is uniquely positioned to become a leading force in the profound transformation that we will witness as we build a global 21st century civilisation,” said David Orban, founder and managing partner of Network Society Ventures.
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