South African prepaid startup WiSolar plans initial fundraise

WiSolar, a South African startup that sells solar power on a prepaid basis, plans to raise R45-million this quarter in its first funding round as it gears up for growth. The company, founded by Tonye Irims in 2016, plans to expand from offering its product to residential home owners to working with property developers to install decentralised solar-power systems in buildings being constructed. Its current model sees systems installed at properties that are then paid for over as long as 72 months through the prepaid purchase of power.