Estonian climate tech startup Roofit.Solar raises €6.45M
The Tallinn-based startup Roofit.Solar which designs and produces solar roofs that blend Nordic design with solar technology has raised €6.45 million round co-led by BayWa r.e. Energy Ventures and EdgeCap Partners. The company plans to use the funds to increase its production capacity in Europe.
- Roofit.Solar was founded in 2016 and provides a solution for homeowners who were looking for solar panels that do not alter the appearance of their homes. Its fully building integrated (BIPV) solar roofs are aesthetic, strong enough to withstand extreme weather conditions, and offer a reduced total cost-of-build thanks to an efficient 2-in-1 installation.
- Currently, Roofit.Solar has customers from 17 countries across Europe, amongst others Estonia, Sweden, and Germany as well as Norway, Poland, Austria, Belgium, Switzerland, and the UK. The company has a team of 70, located at three offices. The 2022 yearly revenue tripled, while solar module production almost doubled.
- The fresh round of investment was co-led by Munich-based BayWa r.e. Energy Ventures, which focuses on climate impact-oriented scalable business models in the areas of digital energy solutions, storage, e-mobility, and EdgeCap Partners, London- and Tallinn-based mid-market private equity and venture capital firm backed by long-term family capital.
“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.
- Roofit.Solar intends to use the new funding to train roofing partners, develop new products, and to improve the company’s proprietary roof planning software. Also, the investment will allow the startup to grow significantly in German, Swedish, and Estonian markets, while expanding its distribution network Europe-wide.