MultiChoice-backed solar firm is rocking

Wetility, a renewable energy fintech start-up backed in the early stages by the MultiChoice Innovation Fund (MIF), has fully repaid its loan to the company well ahead of schedule.

MultiChoice described the early repayment as a rare milestone in the South African start-up landscape. It added that Wetility is fast becoming one of the country’s most dynamic renewable energy firms.

“This success story underscores MIF’s mission to empower black-owned businesses through early-stage strategic support that enables real economic participation,” it said.

“Wetility stands out as a flagship success story of the MIF.”

The renewable energy company is a solar subscription service provider. It offers bundled, customisable solar packages with fixed monthly subscriptions, enabling residential and commercial customers to go partially or fully off-grid.

The company received early-stage venture debt funding from MIF, enabling Wetility to transform its business plan into a viable proof of concept.

“The initial proof of concept laid the foundation for Wetility’s R930-million Series A raise in 2023,” says Wetility co-founder and chief product officer Ikenna Oguguo.

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

The company offers five specialised product suites, each designed for a specific market segment.

It launched the Pace suite, its flagship product, in 2021, followed by Lift for businesses, Rise for multi-unit complexes, and Luxe for informal retail premises between 2023 and 2024.

The company has further expanded its product suite with a new product, Flare, which is tailored for solar installers to deliver larger-scale projects up to 500kW to power sizeable business operations or “hundreds of homes”.

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

The company also recently launched AI Mode, a smart technology feature that boosts electricity savings from an average of around 65% to as much as 90%.

“AI Mode uses real-time and historical usage as well as weather data to automate battery charging and discharging, drastically improving solar efficiency and backup readiness,” it says.

“AI Mode is user-friendly and is accessible with the push of a button via the Wetility App, which allows customers to monitor and manage their solar performance through a single platform.”

Oguguo said the company launched AI Mode so customers no longer have to choose between backup power and savings.

“Operating quietly in the background, it makes real-time energy decisions faster and more accurately than any human could,” he said.

“The result is that families and businesses enjoy reliable power while unlocking greater energy savings, helping close the gap between energy security and economic opportunity.”

MultiChoice launched its innovation fund in 2012, and it has since supported a diverse portfolio of ventures in FinTech, HealthTech, EduTech, Broadcast Technology, and Emerging Digital Media.

“The success of Wetility is exactly what the MultiChoice Innovation Fund was built for,” said MultiChoice’s head of corporate affairs, Litlhare Moteetee-Murendo.

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

MIF combines financial backing, business support, supply chain access, and mentorship to help entrepreneurs transition from ideation to scale-up.

It prioritises black-owned, women-owned, and youth-owned businesses.