Greentech startup Zolar raises additional $17.80M

The funding is part of an expansion of the Series B financing round, with the total investment of the Series B round rising to $29.66M

A Berlin-based greentech startup, Zolar photovoltaic systems, has raised an additional $17.80M.

Zolar has received the additional funding from its current investors as part of an expansion of the Series B financing round. The total investment of the Series B round launched in 2019 has increased to $29.66M.

Czech venture capital fund Inven Capital, which specialises in greentech, led this funding round once again. Previous investors Heartcore Capital, Statkraft Ventures, BayWa r.e. Energy Ventures and Partech also participated in this round. Zolar will utilise this fresh capital to speed up the scaling of the business model as well as to prepare for international expansion in the coming years. It also plans on further optimising its own digital partner platform – the Zolar Project Center.

The new funding paves the way for us to become the go-to company for clean energy and individual solar systems, to expand internationally and to establish ourselves as a data provider, says, Alex Melzer, CEO of Zolar.

Zolar offers photovoltaic systems, which homeowners are able to custom plan, compare, and order online, at a fixed price.

According to the company, by using the Zolar online configurator, homeowners are able to customise the components of their solar energy system according to their needs and will receive a personal consultation at the same time from one of its solar energy experts. It has also partnered with local companies in order to provide installation services on-site. Zolar claims that despite the Covid-19 pandemic, the startup has been able to double its revenue compared to the previous year.

Back in 2017, the company raised $4.75M in Series A financing round.

The more we grow, the faster we can revolutionize the energy industry together with our customers and help to avert the climate crisis. Zolar stands for climate protection straight from the bat, we want to be the catalyst for an energy revolution in every household, Melzer adds.