Germany-based solar power installation service Zolar has secured €10m ($11m) in a series B round co-led by Baywa RE Energy Ventures and Inven Capital, subsidiaries of trading group BayWa and energy utility Čez.
The round also featured energy company Statkraft’s strategic investment arm, Statkraft Ventures, as well as venture capital firms Heartcore Capital and Partech Ventures.
Founded in 2016, Zolar allows customers to send detailed data concerning their home and energy needs which it uses to configure a precise solar energy system, providing a range of choices for component suppliers. It then installs the systems itself.
The round comes after Statkraft Ventures and Heartcore (then known as Sunstone Capital) co-led a $4.7m series A round for Zolar in late 2017 that also featured Partech Ventures and Tim Schumacher.
Statkraft Ventures investment manager Steffen Funck said: “We are happy to continue to support Zolar following our initial investment in 2017. The company has achieved impressive growth since and is well positioned to serve consumers in Germany and beyond with renewable solutions for all their energy needs.
“We are convinced that by combining the convenience of online shopping with a growing consumer desire to participate in the fight against climate change Zolar will be a key player in the future of energy.”
