- Platform OnMarket has completed for DC Power Co the world’s biggest equity crowdfunding by number of investors.
- Solar energy retailer DC Power Co raised $2.5 million from more than 15,000 investors.
- The startup wants to tap into the almost 2 million solar households in Australia and a potential 6 million by 2050.
Solar energy retailer DC Power Co has raised $2.5 million from more than 15,000 investors, making it the world’s most popular equity crowdfunding offer.
The raising over a month to April 15 was run by OnMarket, one of seven authorised platforms in Australia to conduct equity crowdfunding.
OnMarket managing director Rosie Kennedy says Australia’s $15 billion retail electricity market is undergoing significant change with the increasing popularity and accessibility of renewable sources.
“DC Power Co. is the world’s biggest equity crowdfunding deal by number of investors,” she said.
“In an amazing display of how equity crowdfunding works, over 15,000 Australians have invested and become shareholders in DC Power Co.”
Here’s how the raising compared to other major equity crowdfunding:
DC Power Co was founded six months ago by social entrepreneur Nic Frances Gilley, Flexicar founder Monique Conheady, investment banker Emma Jenkin and solar expert Nick Brass.
The company is promising better deals and savings for the nation’s 1.7 million solar panel households, a number forecast to grow to six million by 2050.
DC Power Co is in the process of raising a further $10 million through private investment.
The Crowd-sourced Funding Act 2017 allows companies with less than $25 million in gross assets to raise up to $5 million a year via equity crowdfunding.
Retail investors were able to bid between $50 to $10,000 into DC Power Co.
Co-founder Nic Frances Gilley says he sees renewable energy as the way of the future, both as a business model and as an environmentally responsive solution.
“The beauty of accessing the crowd is that our new investors will now become our endorsers, our influencers and our advocates,” he says.
DC Power Co is the second equity crowdfunding offer completed by OnMarket. Revvies, a caffeine energy strip maker, raised $250,000 in March.
Digital bank startup Xinja raised, via platform Equitise, more than $2 million from Australia’s first equity crowdfunding offer.