Woltair raises €16.3 million amid EU energy crisis
Woltair, a Prague-based energy management startup, raised €16.3 million (~$15.8 million) in Series A funding, the software company tells Axios.
Why it matters: The ongoing energy crisis in the EU — expected to worsen as winter approaches — is opening the door for energy-focused companies in the region.
Details: ArcTern Ventures led the majority-equity round as its first investment out of its latest fund. Westly Group, Aternus and existing investors Kaya VC and Inven also participated in the round, which closed August 29.
How it works: Woltair makes software that allows homeowners to find and hire installers for items like heat pumps. It also makes software for technicians for handling administrative work, CEO Jan Hanuš tells Axios.
- With the additional funding, Woltair is also offering some customers financing options through a partnership with a local bank in Poland to help decrease the upfront costs of heat pump installation. The costs can sometimes be "equal to the price of a new car," Hanuš says, and "a headache" for buyers.
Of note: Hanuš says the company wants to sell devices, parts and other materials to technicians directly in an e-commerce play, in addition to its software and fintech angles.
What we're watching: Whether Woltair can meet the demand across multiple countries while expanding into others — notably Germany and Italy — just as many EU residents look for a way out of the ongoing energy crisis this winter.