UAE Renewable Energy Startup Enerwhere Raises AED1 Million Loan Via Crowdfunding

Dubai-based commercial solar power company Enerwhere firmly believes that its offerings have the potential to make the world better. But, in order to execute its mission, the capital-intensive entity was smart enough to realize that it needed to look beyond conventional financial institutions and venture capitalists for funds. In January 2017, Enerwhere raised a corporate loan of AED1 million from regional peer-to-peer lending platform Beehive. That’s not all though- the startup managed to crowdfund the entire amount under Beehive’s reverse auction system (which has investors bidding against one another to fund the company’s target, thereby driving down the interest rate) in a few weeks’ time, and also received the entire proceeds in the same week.

Full post: