Enerwhere, a Dubai-based solar company, struggled to access affordable traditional bank financing. “The only offers we saw from banks were double-digit interest rates, which is unattractive,” recalls Daniel Zywietz, CEO of Enerwhere.
So, he turned to Beehive, where the company raised AED 1 million in less than seven days and secured a significantly lower rate compared to traditional bank loans. Beehive’s innovative 14-day reverse auction system lets investors compete to fund a company’s financial request, substantially reducing borrowing costs.
“We had the money in the bank 2 days after the auction closed,” said Zyweitz, “it was successful and we believe we can raise more this way.” Beehive provided fast, effective funding that helped Enerwhere expand its operations with solar hybrid power generators and rooftop systems.