A Cincinnati-based solar startup is once again turning to the public for its latest capital raise.
GoSun, a designer of solar-powered outdoor gear, announced a $3.9 million capital raise via crowdfunding site StartEngine. So far, the company is one-fourth of the way to its goal.
Crowdfunding has long been GoSun's primary vehicle for raising capital. In fact, CEO and founder Patrick Sherwin declined an offer to appear on ABC's hit show "Shark Tank" in 2014, saying the program was "far more invasive and onerous than what we wanted."
GoSun has turned to crowdfunding multiple times to help finance its growth. The founders launched a Kickstarter campaign in October 2013 with a goal of raising $40,000 to produce its solar-powered stove and ended up raising more than $200,000. Combined, the company has raised more than $1 million via its crowdfunding campaigns, according to StartEngine.
Currently, GoSun has a valuation of nearly $60 million and pulled in $3.9 million in 2020 sales, up 109% from 2019. Its line of products range from solar-powered coolers and charging ports to fully solar-equipped tiny houses that can be placed anywhere. In May, GoSun launched its newest product Chillest, a solar-powered portable refrigerator and freezer that eliminates ice.
In a promotional video accompanying its pitch, Sherwin calls investing in a clean-energy company, such as GoSun, "one of the biggest investment opportunities of 2021."
