The Cape Town based startup said in a statement yesterday that it had raised R3.4-million ($230 000) from 216 individuals off its target of R7-million ($460 000) for a 5.22% stake in the company.
The firm launched the equity crowdfunding campaign in September after a two-week private sale. The campaign was initially meant to run for 60 days (see this story).
The Sun Exchange launched its equity crowdfunding campaign in September after a two-week private sale
Sun Exchange said it had passed the R3-million tipping point this week, adding that the milestone meant that the campaign is “officially a success”.
Uprise.Africa CEO Tabassum Qadir told Ventureburn today that the equity crowdfunding platform extends campaigns when they are getting “really good” traction or if the particular campaigns are experiencing regulatory issues.
She pointed out that in Sun Exchange’s instance, there are a lot of foreign investors involved.
Qadar explained that in cases where a campaign doesn’t reach a company’s internally agreed tipping point as well as its target all the money raised at that end of the campaign is returned to investors.
Qadir said Sun Exchange’s campaign was successful and that it has so far generated more than 10 000 leads. The 30-day extension, she added, would get these leads converted.
At the time of publication Sun Exchange’s campaign had raised R3.6-million from 226 investors.
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Featured image: Sun Exchange founder and CEO Abe Cambridge (The Sun Exchange via Twitter)
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