SA’s The Sun Exchange raises $260k from US impact investors

SA startup The Sun Exchange has raised $260 000 from undisclosed US impact investors in a deal that is part of its targeted $3-million seed round led by US digital asset investment fund Alphabit.

Last October the startup, which runs an online blockchain-based marketplace that allows for investors to fund and get returns from small solar-powered projects, announced that it had raised $500 000 from Alphabit.

The Sun Exchange CEO and founder Abraham Cambridge (pictured above) told Ventureburn today that the latest raise took place last month and was an “extension on the same valuation”.

The Sun Exchange has so far raised $750 000 of its targeted $3-million raise

It’s as yet unclear how much the startup, which was founded in 2015, is valued at. Cambridge said this investment brings the total raised in this round so far to about $750 000. The round is set to close next month.

In April, The Sun Exchange completed completed its eighth solar project at Protea Heights Academy in Cape Town.

The project saw Sun Exchange sell 7344 solar cells in a crowdsale in which 112 people from 20 countries spent a total R609 552 on 34 kilowatts of solar cells (see this story).

Cambridge said the startup’s next project will be in the Kruger National Park, which the startup is expected to launch later this month.

Read more: Sun Exchange looking to raise $3m in round led by US digital asset investment fund Alphabit
Read more: SA startup The Sun Exchange announces $500k investment from Alphabit [Updated]
Read more: The Sun Exchange in $25m ICO to allow investors to earn income off solar projects

Featured image: Sun Exchange founder and CEO Abe Cambridge (The Sun Exchange via Twitter)