Life insurance firm KLP has co-led a €10m ($11.4m) series B round for Norway-based domestic solar power installation services marketplace Otovo with Norwegian sovereign wealth fund Nysnø.
Agder Energi Venture, the strategic investment arm of power producer Agder Energi, also participated in the round, along with hydroelectric power provider Akershus Energi and cooperative building association Obos.
Founded in 2016, Otovo offers an online service that gives homeowners instant tailored quotes for solar panel installation from a range of providers. It is present in Norway and Sweden and will use the series B cash to expand further into Europe.
John Harald Henriksen, portfolio manager for KLP subsidiary KLP Capital Management, said: “Otovo is well positioned to take part of a growing European solar market and we look forward to joining the expansion.
“The KLP Group has a clear goal of increasing climate-friendly investments, and Otovo is a good example of a business model that shows the potential for a low-emission society.”
Otovo has now raised more than $22m altogether, securing approximately $1m from property developer Selvaag Bolig, StartupLab/Founders Fund and assorted angel investors before adding $2.8m in an October 2016 round led by Agder Energi Venture.
The company subsequently received $7m in series A funding from Akershus Energi, Obos and undisclosed existing backers in July 2017.
