The Tesla solar roof now has a strong competitor in Europe. Today, Roofit.solar announces its €7.85M Series A (€6.4M new capital and €1.45M converted loans) led by BayWa r.e. Energy Ventures and supported by an outstanding group of Estonian co-investors. The co-investor syndicate includes the family office of Priit Piilmann (largest shareholder of Viru Keemia Grupp), Taavet Hinrikus (Co-founder of Wise, recently listed on LSE) and Sten Tamkivi (ex-General Manager at Skype Estonia), Spring Capital and Helmes Investments. We're super happy about this transaction because Ecosummit advised the 3 co-founders of Roofit.solar during the 9-month fundraising process and successfully introduced the German lead investor BayWa r.e. Energy Ventures, the main piece in the Series A puzzle.
Roofit.solar designs and makes integrated 2-in-1 solar metal roofs that already have been sold and installed in 10 European countries. Homeowners like the solar metal roofs as they are beautiful and more affordable as a result of reduced costs of materials and labour. Going forward, the Tallinn-based startup will focus on Scandinavia, Germany and Austria. COO Andres Anijalg first pitched Roofit.solar at Ecosummit Berlin 2018 and, most recently, at Ecosummit Berlin 8-9 September 2021 (ECO21 Berlin video embedded below).
Founded in 2016, Roofit.solar operates its own 10MW factory in Tallinn, developed their own solar roof planning software and has got a team of 30 employees. The new funds will be used to grow the team, expand production capacity and further improve product development. Senior Investment Manager Grigoriy Zavorotniy, whom everybody calls Greg, led the deal on behalf of BayWa r.e. Energy Ventures and is very confident that building-integrated photovoltaics (BIPV) and solar metal roofs, in particular, will play an important role in the energy transition and generate nice strategic, financial and environmental returns. Greg also told us that BayWa r.e. Energy Ventures is actively looking for more new investments, so feel free to send him your pitch deck.
Congrats to the whole Roofit.solar team and their new and existing investors for reaching the Series A milestone. Now it's time to celebrate, we plan to join you at Intersolar Munich this week.