SunFi, a Nigerian clean tech startup, has raised $2.325 million in seed funding to grow its operations.
SunFi is a platform that connects people who want solar power to payment plans that match their needs. It offers two payment options: lease-to-own, where a deposit is followed by instalment payments, and a monthly subscription model.
SunFi has enlisted over 40 solar system vendors, with 10 being its key suppliers, to its platform. It has provided over $600,000 to its clients through its financial institution partnerships, and it generates revenue through the margin on the lease-to-own option and subscription fees.
The company aims to improve its platform in the next 12 to 18 months and onboard over 4,000 customers while expanding its current 29-person team.
SunFi is bridging the gap in the solar power industry by reducing the technical and credit risk associated with financing portfolios of solar solutions. The company is the solution for those looking for a payment plan they can afford and for investors looking for a platform to manage the risk involved in financing solar solutions.
The funding round was led by Nairobi-based Factor[e] and SCM Capital Asset Management, with participation from Voltron Capital, Norrsken Impact Accelerator, Ventures Platform, and Sovereign Capital. With the new financing, SunFi is negotiating to raise additional capital, likely in the form of debt, from commercial banks and other financial partners to finance its energy platform's needs for the year.