Wetility’s Solar Surge: How MultiChoice Innovation Fund Backing Powered a R930 Million Breakthrough

South African solar fintech company Wetility is proving how early-stage support and visionary leadership can ignite real business growth — and power up the country’s energy future.

After securing venture debt from the MultiChoice Innovation Fund (MIF) in its early days, Wetility has not only repaid the loan ahead of schedule — a rare feat in South Africa’s startup ecosystem — but also raised R930 million in Series A funding from major investors including Sanlam, Metier Sustainable Capital II, and the Industrial Development Corporation (IDC).

Co-founded by Ikenna Oguguo and Vincent Maposa, Wetility began with a simple idea: bring flexible, affordable solar power to more South African households and businesses. With MIF’s early backing, Wetility launched its flagship Pace suite for residential customers in 2021. Since then, it has rolled out a series of innovative products, including Lift for commercial users, Rise for multi-unit dwellings, and Luxe for informal retailers like spaza shops.

What sets Wetility apart is its inclusive model. By offering customised solar systems on monthly subscriptions — complete with insurance, 24/7 support, and maintenance — the company removes the usual barriers to solar adoption. For informal businesses, the Luxe range offers daily payment options, even without formal banking, thanks to a partnership with a POS credit provider.

In 2024, Wetility launched Flare, a new financial tool that helps local solar installers scale up and deliver projects of up to 500kW, enough to power large businesses or entire neighborhoods.

And the innovation doesn’t stop there. The company’s new AI Mode uses real-time energy usage data and weather forecasts to optimise how solar batteries are charged and discharged. According to Oguguo, this intelligent energy management can increase electricity savings from up to 65% to as much as 90% — with the tap of a button on the Wetility app.

“We built AI Mode so our customers no longer have to choose between backup power and savings,” said Oguguo. “It makes energy decisions faster and more accurately than any human could — helping families and businesses get the most from their solar investment.”

As South Africa continues its push toward energy independence and climate resilience, Wetility’s journey offers a compelling blueprint. It’s not just about solar panels and smart batteries — it’s about unlocking opportunity through accessible, tech-powered innovation.

The MultiChoice Innovation Fund, which has backed over 1,000 jobs and prioritises black-, women-, and youth-owned startups, played a critical role in Wetility’s early development. According to Litlhare Moteetee-Murendo, head of Corporate Affairs at MultiChoice, the fund’s impact is best seen in success stories like this one.

“Wetility is exactly the kind of business we aim to empower — driven, inclusive, and built for impact,” said Moteetee-Murendo. “We are proud to have been part of their journey.”

With a growing national footprint and a suite of smart energy products, Wetility is not just lighting up homes — it’s helping build a more inclusive and sustainable economy for all South Africans.

{Source: MSN}

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