Prague-based Woltair, a company accelerating renewable energy adoption in homes through digital platforms, announced on Wednesday that it has secured €20.5M from existing and new investors.
The announcement comes nine months after raising €16.3M in a Series A round led by sustainability fund ArcTern Ventures.
The extension of the investment round was co-led by Woltair’s existing investor, The Westly Group, and new investor, Fifth Wall. ArcTern Ventures, KAYA, and Inven Capital also participated in the round.
Fund utilisation
Woltair says it will use the funds towards expanding its operations in Germany where the heat pump market grew by over 50 per cent in 2022.
In 2022, heat pump sales were only halfway, with 236,000 new installations, claims the company.
The company will partner with small and medium installers to help them become more productive, install faster and accelerate the market.
Woltair also says it will provide consumers with a unique online calculator to select the appropriate solution design. This includes calculating savings, payback, and other details.
Woltair guarantees heat pump installation within 30 days, provides financing, and offers the widest selection of equipment on the market.
By 2024, the company plans to sell 500,000 new devices per year. It also plans to enter Italy during this year.
Since launch, Woltair says it has served over 3,000 customers and saved more than 9,000 tons of Co2 emissions from the atmosphere.
“We are thrilled to have received this additional investment from our existing and new investors. It’s confirmation for us that we are moving in the right direction and that our model is truly unique. This funding will help us accelerate our international expansion, further develop our unique digital platform, and strengthen our position in the supply chain, which are our decisive competitive advantages,” says Jan Hanuš, CEO of Woltair.
Woltair: Accelerating renewable energy adoption
Founded by Karel Náprstek, Jiří Švéda, and Daniel Helcl in 2018, Woltair‘s mission is to accelerate renewable energy adoption in the residential segment.
Woltair makes it easy for consumers to choose heat pumps, providing homeowners and technicians with product recommendations, billing, and servicing.
The company’s digital platform connects consumers, technicians, and supply chains in one place to streamline the purchase and installation process.
In addition to designing and installing heat pumps and photovoltaic equipment, Woltair also provides professional assistance with the seamless retrieval of government subsidies and consumer financing for the technology.
The company has been built as a tech-agnostic platform. Besides solar panels and heat pumps, the platform can be adapted to include future energy solutions.
The investor
Fifth Wall, a Certified B. Corp, is the largest asset manager focused on improving, future-proofing, and decarbonising the built world.
Since 2016, Fifth Wall has raised the third-most capital of any venture firm globally ($2.9B), according to SEC Form D filings.
With approximately $3.2B in commitments and capital under management, Fifth Wall is backed by a global mix of more than 110 strategic limited partners from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Hines, Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Lowe’s Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others.
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