Roofit Solar has recently closed a financing round worth €6.45 milliondriven BayWare Energy Ventures and EdgeCap partners. To date, Roofit Solar has raised a total of €17 million in the various rounds of equity financing and an additional €2 million in grants.
The Estonian-based company plans to use the funds to increase your production capacity to meet the growing demand for rooftop solar power in Europe.
“Roofit Solar aims to become one of the main players in the market. With continued support from our strong existing investor base, we continue with our mission: to offer homeowners metal solar roofs as an alternative to traditional solar panels. Additionally, we aspire to be the preferred choice for the traditional roofing industry looking to transition to solar power.” says Andres Anijalg, CEO and co-founder of Roofit Solar.
The new financing will allow Roofit Solar to grow significantly in its home markets of Germany, Sweden and Estonia, while expanding its distribution network across Europe. Additional funds will be used to train roofing partnersdevelop new products, improve the company’s proprietary roof planning software, and prepare to enter new markets.
Roofit Solar was founded in 2016 to offer a homeowners solution who were looking for solar panels that would not alter the appearance of their homes. Today, the company aims to become one of the leading providers of solar roof solutions to both private customers and the roofing industry, while contributing to the development of a global sustainable energy network.
Green energy
“Solar energy is one of the main pillars of the global transition to green energy. The Roofit Solar team has proven that combining solar roof modules with practical software is not only efficient and cost-effective, but also has the potential for exponential growth. That is why we look forward to expanding our long-term partnership with Roofit Solar.”says Greg Zavorotniy, director of investments at BayWare Energy Companies.
Roofit Solar experienced significant growth in 2022: annual revenue tripled, while solar module production nearly doubled. In addition, the size of the company’s team has more than multiplied in the past year.
“We have steadily increased our revenue, developed products and software, and signed agreements with well-known distribution and roofing companies across Europe. As a result, we have earned the trust and support of our stakeholders, and we head into 2023 with confidence thanks to an exceptionally strong 2022.” explains Raimond Russak, CFO and co-founder of Roofit Solar.
“This round of additional funding reflects the efforts of our entire team as we continue to fulfill our mission of achieving a more sustainable planet,” says Raimond Russak, CFO and co-founder of Roofit Solar.
