Solar company Wetility secures new funds, Beltone buys 20% of ariika

Wetility, a South African solar company, has raised USD 49mn (ZAR 930mn) in new equity and debt funding. The company secured ZAR 600mn in commercial debt funding from Sanlam, while the equity and convertible debt elements totalled ZAR 180mn.

The equity component of the round marks the company’s first series A round of investment, while the entire round is its biggest to date.

Wetility is a fintech organisation that helps homeowners go partially, or fully, off-grid by offering solar solutions.

Beltone Venture Capital buys 20% of ariika
Belton Venture Capital has bought 20% of décor e-commerce platform ariika as part of the Egyptian platform’s series A round.

The startup plans to use the funding to enter the Saudi market, which will support its continued growth— a trajectory that has seen it grow by a CAGR of more than 85% and serve more than 800,000 customers globally.

White & Case, El-boraie Law Firm and Van Doorne acted as legal advisers.