Open Access Energy, a Cape Town, South Africa-based SaaS startup, has secured USD 750,000 in seed funding.
Investors
The investment comes from Factor[e] Ventures, an impact investing firm based in Fort Collins, Colorado. Factor[e] Ventures focuses on seed and early-stage companies and has been active since 2013, with a preference for investments in the mobility, agriculture, energy, waste, and sanitation sectors.
Open Access Energy Use of Funds
The company will utilize the funding to scale its operations, develop new features, and enhance its position within the energy sector.
About Open Access Energy
Founded in 2021 by Gerjo Hoffman and Christoff Albertyn, Open Access Energy provides a multilateral wheeling software platform. The platform automates the matching of generation and consumption loads, enabling energy wheelers to execute precise wheeling transactions seamlessly. The startup aims to transform South Africa’s energy sector by facilitating wheeling, improving grid reliability, reducing emissions, and generating new revenue streams for Independent Power Producers (IPPs).
Funding Details
Company: Open Access Energy Pty Ltd.
Raised: $750K
Round: Seed Round
Funding Date: August 2024
Investor: Factor[e] Ventures
Company Website: https://www.openaccess.energy/
Software Category: Energy Technology Solutions
Source: https://weetracker.com/2024/08/14/south-africa-saas-oae-seed-funding/