Roofit.Solar, a leading climate tech scale-up, has successfully raised €6.45 million in a financing round led by BayWa r.e. Energy Ventures and EdgeCap Partners.
The Estonian-based company will use the new funds to boost the production capacity and expand distribution, meeting the rising demand for rooftop solar across Europe and beyond.
“With the backing of our strong investor base, we continue our mission: to offer homeowners elegant metal solar roofs as an alternative to traditional solar panels. Furthermore, we strive to be the go-to choice for the traditional roofing industry looking to transition to solar,” reveals Andres Anijalg, CEO and co- founder of Roofit.Solar.
Roofit.Solar building-integrated (BIPV) metal solar roofs enable homeowners to generate solar energy, lower their electricity bills and combat climate change.
Tallinn, March 9, 2023
Roofit.Solar has successfully raised €6.45 million in a funding round led by existing investors BayWa r.e. Energy Ventures and EdgeCap Partners. To date, Roofit.Solar has raised a total of €17 million in the various equity funding rounds and an additional €2 million in grant funding.
The Estonian-based company plans to use the funds to increase its production capacity to meet the growing demand for rooftop solar in Europe.
“Roofit.Solar is on track to becoming one of the market’s leading players. With continued backing from our existing strong investor base, we continue our mission: to offer homeowners elegant metal solar roofs as an alternative to traditional solar panels. Furthermore, we strive to be the go-to choice for the traditional roofing industry looking to transition to solar."
CEO and co-founder of Roofit.Solar
The new funding will allow Roofit.Solar to grow significantly in its home markets, Germany, Sweden, and Estonia, while expanding its distribution network Europe- wide. Additional funds will be used to train roofing partners, develop new products, improve the company’s proprietary roof planning software, and prepare for entry into new markets.
Roofit.Solar was founded in 2016 to provide a solution for homeowners who were looking for solar panels that do not alter the appearance of their homes. Today, the company is on track to become one of the leading providers of elegant solar roofing solutions for both private customers and the roofing industry while contributing to the development of a global sustainable energy network.
“Solar energy is one of the main pillars of the worldwide transition to green energy. The dedicated team at Roofit.Solar has proven that the combination of solar roof modules with practical software is not only efficient and profitable but also has the potential for exponential growth. This is why we are confident in extending our long-term partnership with Roofit.Solar”.
Greg Zavorotniy, Investment Director at BayWa r.e. Energy Ventures
A Roofit.Solar project from Denmark
Roofit.Solar experienced significant growth in 2022: The yearly revenue tripled, while solar module production almost doubled. In addition, the company’s team size more than doubled in the past year.
“We have steadily increased our revenue, developed products, and software, and signed agreements with renowned distribution and roofing companies throughout Europe. As a result, we have gained the trust and backing of our stakeholders, and head into 2023 with confidence on the back of an exceptionally strong 2022.”
Raimond Russak, CFO and co-founder of Roofit.Solar
“This additional funding round reflects our entire team’s efforts as we continue to deliver on our mission for a more sustainable planet.” says Raimond Russak, CFO and co-founder of Roofit.Solar.
Roofit.Solar designs and produces award-winning solar roofs that blend Nordic design with cutting-edge solar technology.
The fully building integrated (BIPV) solar roofs offer unrivalled aesthetics, are strong enough to withstand extreme weather conditions, and offer a reduced total cost-of- build thanks to an efficient 2-in-1 installation.
Roofit.Solar solar roofs often obtain approval to be used for historical buildings, making solar possible for protected buildings. The highly effective solar cells are integrated into all-black metal sheets and are almost invisible from afar.
Founded in 2016, Roofit.Solar today has customers from 17 countries across Europe, amongst others Estonia, Sweden, and Germany as well as Norway, Poland, Austria, Belgium, Switzerland, and the UK. The company’s dedicated team features over 70 professionals from nine nationalities, located at three offices.
Roofit.Solar was selected by the World Energy Council and the German Energy Agency as one of the top 15 most promising energy and climate-tech startups of 2023.
About the investors
BayWa r.e. Energy Ventures
The venture capital unit of the BayWa r.e. AG focuses on climate impact-oriented scalable business models in the areas of digital energy solutions, storage, and e-mobility. The team is led by Ulrich Seitz, an experienced venture capital manager with over 10 years of experience in the start-up scene.
BayWa r.e. AG is 51% owned by BayWa AG, a group of 21,000 employees, listed on the Frankfurt and Munich stock exchanges and operating in more than 50 countries in the energy, construction, and agricultural sectors.
A London and Tallinn-based mid-market private equity and venture capital firm backed by long-term family capital and founded by Kristjan Piilmann and Chris Backes, who have over two decades of combined private equity and investment banking experience at bulge bracket firms including PSG Equity LLP, Novalpina Capital LLP, Morgan Stanley, Citi, and Goldman Sachs.