Otovo has raised €40 million (NOK 450 million) in the recent funding round. The investment was led by existing investors Å Energy, Axel Johnson Group, and Nysnø (the Norwegian Government Climate Investment Fund).
The capital raised was done entirely through existing shareholders. The top investors, who previously owned 44 percent of Otovo’s shares, Axel Johnson Group (through its subsidy AxSol) was allocated shares worth NOK 104 million (approx. €8.8M), the state climate fund Nysnø for NOK 29.4 million (approx. €2.47M) and Obos for NOK 5 million (approx. €421K). Å Energi provided more than half of the issue and was allocated shares for NOK 268 million (approx. €22.6M).
Otovo is a leading marketplace for solar and battery storage products in the European market. It uses proprietary technology to analyze the potential of any home and provide precise advice about the ideal project and the offer to the customers in no time. The new equity raise will help the startup ensure its profitability and get to the number one position in the European residential solar market.
The company’s founder and CEO is Andreas Thorsheim, and it is headquartered in Oslo, Norway.