Estonian EV charging VOOL secures €1.7M in a seed round
02 February, 2023, 11:56
Tallinn-based electric vehicle charging solution VOOL has secured €1.7 million in its latest seed funding round. Specialist VC is the lead investor. Several other influential investors, including the former President of Estonia Kersti Kaljulaid, also joined in the round, Invest in Estonia reports.
- Founded in 2018 by energy experts Juhan Härm, Sander Vahtras, and Hindrik Kilter, VOOL develops a highly efficient charging solution for EVs. The technology uses the existing grid three times more efficiently, avoiding the need for major grid upgrades.
- Thanks to its innovative software, VOOL enables smart charging at the lowest possible cost. It also offers a complete solution for businesses and private customers, making the transition to green energy faster and more affordable.
- Currently, VOOL operates in the Baltics and Finland and employs 30 people.
“I invest in companies that operate in a sector I understand and create real things for which there is a market. VOOL offers a simple and efficient solution to the real problem of how to get the increasing amounts of energy we need from the plug,”Kersti Kaljulaid commented on the investment.
- Specialist VC, the lead investor, is a venture capital fund supporting forward-thinking founders from CEE. A year ago, the firm opened a new €50 million fund to support Baltic, Finnish, Ukrainian, and Belarusian startups.
- With the fresh funding, VOOL plans to ramp up the production of its chargers and expand its reach into new European markets. The company wants to install 20,000 charging stations by the end of 2023.