The blockchain-focused solar startup, SunExchange said it has raised $4 million from ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARPF).
The startup said it will use the proceed to expand our work solar powering schools, clinics, farms, cell towers, water plants, businesses and other organisations across Sub-Saharan Africa.
Sun Exchange also said it will spend more marketing activities to substantially grow our membership base, and make significant software enhancements to extend the capabilities and features of our online platform.
Commenting on the new funding, William Barry, Managing Director of ARCH, “Sun Exchange is positioned to emerge as an enabling force in the imminent global energy and economic transformation, with a first-of-a-kind platform that harnesses the power of a united global community to unlock the potential of distributed solar power in emerging markets. We are thrilled to partner with Sun Exchange on this journey to expand the success the company has already seen in South Africa throughout ARPF’s target markets in sub-Saharan Africa.”
Abe Cambridge, CEO & Founder of Sun Exchange, said, “There has never been a more critical time to accelerate the Sun Exchange mission of connecting the entire world to the sun, as socio-economic and energy systems across the world are on the brink of being reset and redefined.”
Adam Draper, Co-Founder and Managing Director, Boost VC, an early Sun Exchange investor, stated, “amidst the unprecedented health and financial hardships currently impacting the entire world, we’ve seen an undeniable slowdown in VC deals. This successful raise speaks volumes of the ingenuity and resilience of the Sun Exchange business model.”
Sun Exchange said it has more than doubled the size of its customer base, now standing at more than 17,000 members from 162 countries.