The success of this financing round truly demonstrates the passion and belief our most important stakeholders have in the uniqueness of the Powur model and it will accelerate continued innovation and enhancements to our platform. -- Jonathan Budd, Powur founder and CEO.
CARLSBAD, Calif. (PRWEB) September 13, 2021
Powur PBC, the fastest-growing national residential solar company, surpassed its fundraising target and raised $8M, the fastest crowdfunding campaign to raise more than $5M through Wefunder, a crowdfunding service that connects high-growth companies with investors online.
Powur’s 100% cloud-based platform enables it to deliver low-cost, customized, and efficient solar solutions to homeowners while empowering sales professionals and installers to leverage the platform to thrive in the fast-growing solar industry.
“The success of this financing round truly demonstrates the passion and belief our most important stakeholders have in the uniqueness of the Powur model and it will accelerate continued innovation and enhancements to our platform,” said Jonathan Budd, Powur founder and CEO. “Our cloud-based business model makes us leaner than our peers, and we require less working capital to grow profitably. This means the money we’ve raised from individuals, friends, and our network of investors in this round will go almost exclusively to growth initiatives and to strategic enhancements that add enterprise value to our platform.”
The company plans to use the capital to accelerate technology initiatives that will benefit the entire Powur ecosystem. Most notably, these investments will reduce cycle times, making it easier for homeowners to benefit from solar power faster and more efficiently. Other enhancements will improve quality and result in faster payments to the company’s installers and independent sales professionals.
Powur has consistently made financing choices that result in a more equitable distribution of ownership. The company has experienced significant growth to date without requiring any institutional capital and with every employee having ownership in the company. Crowdfunding further solidifies the company’s goal to build a business with highly-vested individuals across our entire ecosystem driving growth.
“Powur was early in catching the vision for raising capital in a democratic way, and became one of the first companies to embrace equity crowdfunding back in 2017,” said Johnny Price, VP of Fundraising at Wefunder. “At that time, the most a company could raise on Wefunder was $1.07M and Powur hit that milestone quickly. Earlier this year the SEC increased the annual cap to $5M, and Powur returned to Wefunder for a larger round. Once again, Jonathan and his team hit it out of the park, becoming the fastest sustainable energy company to pass $5M on Wefunder.”
About Powur PBC:
Founded in 2015, California-based Powur is a Public Benefit Corporation that is on a mission to accelerate the adoption of solar energy worldwide. As the first 100% virtual, residential solar company in the cloud, Powur operates an innovative platform model, enabling it to scale quickly and meet the demands of an ever-expanding solar landscape. The company’s model ensures that Powur is able to provide affordable and customized solar solutions to homeowners while empowering its network of thousands of independent solar consultants and regionally specialized installation partners. Powur is the fastest growing national residential solar company in the US, currently operating in 15 states and completing dozens of residential solar projects and adding to our extended Powur family every working day. For more information on the company, visit https://powur.com/.
Wefunder is the nation's leading investment crowdfunding platform, with a mission to fix capitalism. On Wefunder, everyone can invest as little as $100 in startups they love. Founded in 2011, Wefunder is a Public Benefit Corporation and B Corp that has the goal to help 20,000 founders get off the ground by 2029. For more information on the company, visit https://wefunder.com/