Wetility, a MultiChoice Group-backed start-up that helps homeowners go partially or fully off-grid with solar solutions, has raised R930-million in new funding.
The fundraising – which includes a mix of equity and convertible debt (R180-million) and debt (R750-million, of which R600-million is commercial debt) – will allow the company to ramp up its already furious rate of expansion, said co-founder and CEO Vincent Maposa in an interview with TechCentral. It will allow the company to grow its books of subscribers and leaseholders, he said.
The commercial debt funding was provided by Sanlam as well large bank commercial and development banks, which Wetility doesn’t have permission to name. It is Wetility’s biggest fundraising round to date, with the equity component of the raise marking its first series-A round. It has already been though seed and bridge financing rounds.
At the same time, and leveraging its relationship with investor MultiChoice – and specifically marketing through its SuperSport subsidiary – the company has launched what it calls the Beast Bundle. Coming ahead of the Rugby World Cup, this bundle, Maposa said, is aimed at “revolutionising home connectivity, entertainment and energy efficiency” in South African homes.
MultiChoice provided the company with its initial venture debt funding, through its innovation fund. “This collaboration on the Beast Bundle marketing through rugby-related advertising will help us reach a broader audience and create more value for our customers,” said Maposa.
Wetility is working with former Springbok rugby star Tendai “Beast” Mtawarira, Telkom and Plentify to bring the the Beast Bundle to market. In short, it promises significant savings on homeowners’ electricity bills along with home automation solutions.
Wetility and Plentify
“We’ve introduced the cost-leading Stride product in partnership with global solar-home-system company Zola Electric, offering middle-income homeowners a product at R899/month,” Maposa said.
“Furthermore, we’ve reduced the prices of our Pace subscription products while providing value-added services from Plentify and surge protection with upcoming Telkom products available on both Wetility and Telkom platforms in the near future,” Maposa said.
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The partnership with Telkom will also provide its customers with the ability to control geyser-related costs and minimise geyser claims. “This will soon be accessible to a broad range of Telkom customers,” he said. – © 2023 NewsCentral Media
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