Roofit.Solar, an Estonian-based GreenTech scale-up, has successfully raised 6.45 million euros in a financing round led by BayWa r.e. Energy Ventures and EdgeCap Partners. The company plans to use the funds to boost production capacity and expand distribution, meeting the rising demand for rooftop solar across Europe and beyond.
Battling climate change, roof by roof
“With the backing of our strong investor base, we continue our mission: to offer homeowners elegant metal solar roofs as an alternative to traditional solar panels. Furthermore, we strive to be the go-to choice for the traditional roofing industry looking to transition to solar,” says Andres Anijalg, CEO and co-founder of Roofit.Solar.
Roofit.Solar building-integrated (BIPV) metal solar roofs enable homeowners to generate solar energy, lower their electricity bills and combat climate change. It aims to preserve aesthetics while being strong enough to withstand extreme weather conditions. The solar cells are integrated into all-black metal sheets and are almost invisible from afar.
The solution has already garnered popularity in 17 countries across Europe, including Estonia, Sweden, Germany, Norway, Poland, Austria, Belgium, Switzerland, and the UK. The company has also been selected by the World Energy Council and the German Energy Agency as one of the top 15 most promising energy and GreenTech startups of 2023.
Scaling the growth
Roofit.Solar’s new funding will allow the company to grow significantly in its home markets while expanding its distribution network Europe-wide. Additional funds will be used to train roofing partners, develop new products, improve the company’s proprietary roof planning software, and prepare for entry into new markets.
“Solar energy is one of the main pillars of the worldwide transition to green energy. The dedicated team at Roofit.Solar has proven that the combination of solar roof modules with practical software is not only efficient and profitable but also has the potential for exponential growth. This is why we are confident in extending our long-term partnership with Roofit.Solar,” says Greg Zavorotniy, Investment Director at BayWa r.e. Energy Ventures, a venture capital unit of the German BayWa r.e. AG.
Roofit.Solar already experienced significant growth in 2022, with yearly revenue tripling, solar module production almost doubling, and the company’s team size more than doubling in the past year.
“This additional funding round reflects our entire team’s efforts as we continue to deliver on our mission for a more sustainable planet,” Raimond Russak, CFO and co-founder of Roofit.Solar, notes.
Previously, the company raised €6.4M in the Series A funding round in October 2021. With the new investment, Roofit.Solar is well-positioned to meet the growing demand for elegant and efficient solar roofing solutions and further expand its reach in Europe and beyond. Meanwhile, the Estonian solar industry is also on the rise. Estonia is becoming a leader in per capita solar power production and has set the ambitious goal of being fully green-powered by 2030. Estonia ranks 6th among EU members in solar power per capita, with 596 watt per capita in 2022, up from 405 in 2021.
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