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”, says Andres Anijalg, 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”, says Greg Zavorotniy, Investment Director at BayWa r.e. Energy Ventures.
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,” elaborates 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.