Renewable Energy Startup Using Blockchain Raises $3 Million in Funding
The announcement from Reuters calculated that the South African-based blockchain company had increased the total amount it has raised in Series A funding rounds since 2019 to $4 million. The latest funding for $3 million came from billionaire Patrice Motsepe-backed African Rainbow Capital (ARC) via its stake in British-based private equity firm ARCH Emerging Markets Partners.
Founder and executive chairman of African Rainbow Minerals, Motsepe is among the wealthiest people in South Africa, focusing primarily on mining. He also founded ARC in 2016 to increase investments in future technologies on the continent and has funded several African-based startups.
According to the report now, the successful funding for SunExchange outlined the demand for solar power in the country. Additionally, the COVID-19 disrupted financing and investments in the region, but the blockchain-based company has raised the capital rapidly.