Sunvigo raises €10M Series A led by Eneco Ventures
Finding the perfect lead investor is the most important milestone in venture capital financing rounds. In March 2021, we introduced Sunvigo to Eneco Ventures and started another promising relationship. As a result, our ecoportfolio company has successfully closed its €10M Series A led by the corporate VC arm of the Dutch utility. The second new Series A investor is Sparta Capital, a London-based multi-strategy fund with $500M assets under management (AUM) focused on smart green investments decarbonising our economy. The seed investors Übermorgen Ventures, Ecosummit and High-Tech Gründerfonds (HTGF), as well as a private real estate investor that joined in summer 2021, also make follow-on investments in the A round. The Cologne-based startup is a smart solar utility that bundles PV system, battery, asset financing, installation, operations, maintenance and insurance into one simple power contract and electricity tariff for homeowners in Germany, a very useful value proposition when energy prices are skyrocketing.
Solar-as-a-service is a capital-intensive business model. Apparently, the 3 co-founders Michael Peters, Bastian Bauwens and Vigen Nikogosian are very happy that Deutsche Kreditbank (DKB) provides a third tranche of €5M venture debt to finance Sunvigo’s PV and storage hardware assets just-in-time for the Series A. Sunvigo was founded in summer 2020, has got 50 employees, plans to grow its revenues by 500% this year and wants to go international in 2023. The next step is a big Series B to be opened at Ecosummit Berlin 23-24 June 2022, Europe’s leading smart green startup market where you will meet Eneco Ventures and lots of other active investors and fundraising startups.
It’s always fun to be among the first angel investors and see a portfolio startup grow as fast as Sunvigo, especially when you add value by bringing the Series A lead investor to the (cap) table. We envision a handsome amount of environmental, financial and strategic returns that contribute to maximising our impact until 2030.
Tags: Bastian Bauwens, Batteries, Corporate VC, Deutsche Kreditbank, Ecosummit, Ecosummit Berlin 23-24 June 2022, Eneco Ventures, Energy Storage, Germany, HTGF, Michael Peters, PV, Series A, Smart Green Energy, Smart Green Startup, Smart Green VC, Smart Solar Utiility, Solar as a Service, Solar Energy, Sparta Capital, Sunvigo, Übermorgen Ventures, Vigen Nikogosian