South Africa-based blockchain firm Sun Exchange raised $3 million from London-based private equity firm ARCH Emerging Markets Partners, a TechCrunch report said. The investment marked the closure of the company’s Series A funding round, raising a total of $4 million.
Sun Exchange operates a buy-to-lease solar panel marketplace, enabling individuals from across the globe to invest in South Africa’s solar energy market. Solar panels typically have from 32 to 96 solar cells. Anyone can purchase a solar cell from Sun Exchange for an average cost of $5 per cell, which is then leased to local businesses.
“You as an individual are selling electricity to a school in South Africa, via a solar panel you bought through the Sun Exchange,” describes Abe Cambridge, founder, and CEO of Sun Exchange.
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