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Greentech Zolar: Investors increase Series B by 15 million
Sept. 10, 2020
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Berlin, September 10 2020 - The Berlin-based greentech start-up Zolar has received an additional 15 million euros from its current investors as part of an expansion of the Series B financing round. The total investment of the Series B launched in 2019 has increased to 25 million Euro. This injection of fresh capital will speed up the scaling of the business model. Despite the Covid-19 pandemic, the start-up has been able to double its revenue compared to the previous year. Zolar's long-term goal is to become the go-to consumer brand for solar systems. The start-up is also using this venture capital to firmly establish itself as an energy and data provider and to prepare for international expansion in the coming years. Alongside its corporate growth, Zolar will continue to further optimize its own digital partner platform, the Zolar Project Center.
The Czech venture capital fund Inven Capital, which specializes in greentech, is once again the main investor in this round of funding. Previous investors Heartcore Capital, Statkraft Ventures, BayWa r.e. Energy Ventures and Partech are also reinvesting. Their decision to do so will help strengthen the growing market for photovoltaics as a clean and climate friendly form of energy. By providing capital, the investors are investing in a scalable business model that combines social benefits and economic growth.
A powerful package: Transforming the energy industry as well as protecting
Zolar's vision is to create a sustainable energy industry and thus a future worth living for all. Every photovoltaic system saves climate-damaging CO2 and, therefore, is paving the way for an energy supply made of 100 percent renewables. Accelerating the company’s growth, the startup is driving the increasing demand for photovoltaics; the electromobility trend is giving solar energy an additional boost. Private solar systems are now inexpensive, effective and a proven technology. The photovoltaic and storage technology covers the consumer’s energy needs and supplies green energy within the home. Zolar has developed its own Zolar Online Configurator in response to the growing need to plan solar systems digitally and conveniently from home. "Each and every one of our customers is a climate hero," says Alex Melzer, CEO of Zolar. "The more we grow, the faster we can revolutionize the energy industry together with our customers and help to avert the climate crisis. Zolar stands for climate protection straight from the bat, we want to be the catalyst for an energy revolution in every household. We stand for clean electricity and a future worth living. Anyone thinking of solar systems should think of Zolar first. The new funding paves the way for us to become the go-to company for clean energy and individual solar systems, to expand internationally and to establish ourselves as a data provider", Melzer continues.
Plans for the future: data aggregator, internationalization and digitization for
The increased financing will enable Zolar to build a complete energy solution for its customers. The digital customer platform, the Zolar Online Configurator, and the Zolar Project Center for partnered installation technicians will enable Zolar to become a key data provider for accelerated energy transition and provide customers with relevant energy data. Zolar will use its previous experience together with the fresh influx of capital to expand internationally. The Zolar Project Center will also be further developed as an important strategic initiative. This will allow Zolar to support their installation partners in digitizing their internal processes; installation companies will benefit from scheduled orders, secure payment and digital project implementation, which will also make them more crisis-proof. Furthermore, scaling up the number of partners will improve regional coverage of projects requiring only short distances.
“We see strong signs for anti-cyclicality in the PV market, driven by the threat of the pandemic and recession. As a result, people thrive to achieve energy independence while increasing the value of their property. This creates great opportunities for Zolar, which is also confirmed by Zolar's 100% annual revenue growth”, says Petr Míkovec, Managing Director of Inven Capital.
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The greentech company Zolar offers photovoltaic systems, which homeowners are able to custom plan, compare and order online, at a fixed price. By using the Zolar online configurator, homeowners are able to customize the components of their solar energy system according to their needs and will receive a personal consultation at the same time from one of our solar energy experts. Zolar’s broad network of local partner companies install the systems on-site. The Berlin-based start-up employs 100 people and pursues the vision of installing a solar system on every roof worldwide to enable the independence of private households from the public power grid. Zolar empowers its customers to promote the energy turnaround, to reduce the CO2 footprint and thus make an effective contribution to climate protection.
More information: zolar
About Inven Capital
INVEN CAPITAL is a venture capital fund of the CEZ Group supported by the European Investment Bank (EIB). EIB financing is implemented from resources of the European Fund for Strategic Investment (EFSI). Inven Capital’s strategy is to seek out investment opportunities in small, innovative and growing smart energy companies. It primarily focuses on later-stage growth investment opportunities with a sound business model proven by achieved earnings and long-term growth potential. Inven Capital’s goal is to generate longterm value through active collaboration with the management of the companies it invests in and to actively support organic or acquisition-based growth. Companies in Inven Capital’s portfolio can take advantage of CEZ Group’s extensive expertise in the energy sector, its client base and technology synergies for their further development. The fund is a full member of Invest Europe (https://www.investeurope.eu — European Private Equity and Venture Capital Association) and CVCA (Czech Private Equity and Venture Capital Association). Since its foundation in 2015, Inven Capital has invested in two companies, two of which it has already successfully exited.
More information: INVEN CAPITAL
With a portfolio of almost 180 companies spread across 30 countries in Europe, the US, Africa, and Asia, Partech has been one of the leading international investors helping visionary founders for almost 40 years. The Partech team – made up of both former entrepreneurs and executives from 15 different countries – brings capital, experience, strategic support, and networks to entrepreneurs at every stage of development: seed, venture, and growth. With over €1.5B under management, Partech invests from €200K to €50M in B2B and B2C technologies reshaping industries. Companies backed by Partech have completed more than 21 IPOs and more than 50 strategic M&A transactions valued over $100M.
About BayWa r.e. Energy Ventures
BayWa r.e. Energy Ventures was founded in April 2018 and are specialized in digital solutions, storage and e-mobility. Their focus is on innovative start-ups from the entire energy sector that invest in the decisive early development phases as lead or co-investors. Through its stability and financial support, BayWa r.e. Energy Ventures operates as an independent corporation and is able to guaranty start-ups maximum independence, quick decisions and flexibility.
More information: https://energy-ventures.baywa-re.com/
About Statkraft Ventures
Statkraft Ventures GmbH is a European venture capital firm working with exceptional entrepreneurs driving fundamental change in the energy sector. Statkraft Ventures is a financially-focused VC backed by the Statkraft Group, Europe’s largest producer of renewable energy.
More information: Statkraft Ventures
About Heartcore Capital
Heartcore Capital is Europe’s consumer-focused venture capital firm backing founders aiming to build category-defining consumer technology companies. Since 2007 Heartcore has backed 70 exceptional founder teams including Boozt, GetYourGuide, Tink, Kaia Health, Taster and Zolar. Heartcore has raised $700 million for early stage and is investing from offices in Berlin, Copenhagen and Paris.
More Information: Heartcore