Estonian VOOL raises €2.9M to scale its EV charging serial production

EV charging startup VOOL has raised €2.9 million, of which €1.3 million is an additional seed investment funding and €1.6 million is a grant. The investment was led by Specialist VC with participation from angel investors, including the former President of Estonia Kersti Kaljulaid, the startup told AIN.Capital.

About VOOL

• VOOL is a provider of EV charging for business and private customers. Its solution includes the charger, Load Management Controller (LMC), app (B2C), web platform, and admin portal (B2B). These work together as a system or can be used independently. The system is compatible with all cars, other chargers, and software solutions. Currently, VOOL operates in the Baltics and Finland, Sweden, Norway and Denmark, and employs 44 people.

“VOOL enables maximum cost-efficiency. Its software tracks the electricity prices and ensures that the EV is charged at the lowest cost possible within the set timeframe. This enables one to save up to 90% on the charging costs”,

 Juhan Härm, the co-founder and CEO of VOOL, commented.

The deal details

• The investment round was led by Specialist VC, a venture capital fund supporting founders from Estonia, Latvia, Lithuania, Finland, Ukraine and Belarus. The biggest angel investors were VOOL’s employees, giving 15% of the round. In addition, VOOL’s current angel investors include the former president of Estonia, Kersti Kaljulaid.
• In total, VOOL secured €7,62 million, including a grant of €3 million from The European Union’s EIC Accelerator innovation fund in 2022, €1,62 million in 2023 from the government of Estonia, and €1,7 million from the first seed investment round in February 2023.

• The investment will accelerate the development of its EV charger production in the local factory, and increase its international sales and customer support team in the Nordic countries.