Oslo-based startup Otovo has completed its fundraise of 30 million euros. The company is is a marketplace for distributed energy installation. It has already successfully launched in seven countries which are Norway, Sweden, France, Spain, Poland, Italy and Germany. This will help the Norwegian startup spread its reputation all around Europe. The company is now ready to accelerate the entry of new attractive markets and conquer the remaining ones in Europe. The ultimate plan for 2023 is to play to win in all major markets in place to become the first pan-European player and to reach over 15 countries in Europe.
Otovo just raised EUR 30M
Otovo announced that it has raised NOK 300M (EUR 30m) to accelerate entry into six new countries and continue our mission of putting solar and batteries in every home in Europe.
“We are increasingly confident in our ability to launch in new markets. Poland, Italy, and Germany were launched in 12 months. We are present in seven countries, and have six to eight additional attractive markets in our sights for the next year, year-and-a-half, says Otovo’s Chief Executive Officer, Andreas Thorsheim. “We will do so by continuing to leverage our superpowers: build great products, create happy solar customers & installers and develop our great teams across Europe.”
To homeowners, Otovo is the easiest way to get solar panels on the roof. It is a marketplace organizing a network of hundreds of local, high-quality energy installers that it has vetted thoroughly. The startup use its proprietary technology to analyse the potential of any home and advise precisely about the ideal project.
Founded in Oslo in 2016, its team consists of engineers, programmers and technical consultants located in Oslo, Stockholm, Paris, Madrid, Warsaw and Milan. In France, the company is known as “In Sun We Trust”, the result of the merger with the French solar energy startup.
Otovo has sold and completed thousands of solar energy projects across Europe and aim to become the continent’s no.1 residential solar energy company. It is financially solid, being backed by some of Scandinavia’s major investment entities, notably Axel Johnson of Sweden, Norway’s municipal pension fund (KLP), and Nysnø, the Norwegian green sovereign investment fund.