MultiChoice helps solar fintech company Wetility go big

The MultiChoice Innovation Fund (MIF) helped the solar fintech company Wetility become one of South Africa’s most dynamic renewable energy companies.

Wetility is a solar subscription service provider that offers bundled, customisable solar packages and fixed monthly subscriptions.

Through its renewable energy offerings, it helps residential and commercial customers go partially or fully off-grid.

All Wetility systems are offered via flexible monthly subscriptions, covering insurance, maintenance, and 24/7 support.

The MultiChoice Innovation Fund backed Wetility in its early stages, helping it to transform its vision of sustainable energy independence for everyone into a viable proof of concept.

“That initial proof of concept laid the foundation for Wetility’s R930-million Series A raise in 2023,” says Ikenna Oguguo, co-founder and Chief Product Officer of Wetility.

“We secured funding from a consortium, including Metier Sustainable Capital II, Sanlam, and the Industrial Development Corporation (IDC).”

Wetility fully repaid its MultiChoice Innovation Fund loan well ahead of schedule, a rare milestone in the South African start-up landscape.

MultiChoice said Wetility’s success is a good example of its mission to empower black-owned businesses through early-stage, strategic support.

The MultiChoice Innovation Fund combines financial backing, business support, supply chain access, and mentorship.

It prioritises black, women, and youth-owned enterprises, aiming to drive transformation in high-growth sectors critical to South Africa’s future economy.

Since its launch in 2012, the MultiChoice Innovation Fund has supported a diverse portfolio of innovative ventures across sectors.

Its investments included companies in FinTech, HealthTech, EduTech, Broadcast Technology, and Emerging Digital Media.

This fund helped to create over 1,000 jobs and empower businesses, where 60% are black female-owned.

“The success of Wetility is exactly what the MultiChoice Innovation Fund was built for,” said Litlhare Moteetee-Murendo, Head of Corporate Affairs at MultiChoice.

“We are proud to have supported them from early-stage ideation to investor-readiness and beyond.”

Moteetee-Murendo said as a graduate of the fund, Wetility continued to forge a highly successful business in the energy and technology industries.