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Roofit.solar raises €6.4M Series A led by BayWa r.e. Energy Ventures and supported by leading Estonian investors.
Roofit.solar is a climate tech startup developing a unique integrated 2-in-1 metal solar roofing and facade material that generates electricity as efficiently as regular panels. The company’s solution is uniquely positioned to become a go-to product for residential and commercial customers given its aesthestics and affordability. Roofit has sold its roofs in 10 countries from its state-of-the-art solar roof factory near Tallinn, Estonia, and has delivered a 300% annual revenue growth over the last three years.
BayWa r.e. Energy Ventures GmbH representative Greg Zavorotniy: “Roofit.solar caught our attention with its metal solar roof solution that is unique in terms of its aesthetic appearance, ease of installation as well as system cost and reduced carbon footprint. With huge market potential, it could make a meaningful contribution to the green energy transition.“
“The capital raised will mainly be used to scale the company in our key export markets of Germany and Scandinavia, to further increase and automate our production capacity and improve the product“, added Andri Jagomägi, Roofit.solar’s founder and CEO. “We also continue developing our proprietary solar roof planning software with a value proposition for our customers.”
The investment round was supported by EdgeCap Partners, which focuses on private and venture capital investments in Europe. Taavet Hinrikus and Sten Tamkivi, successful Estonian entrepreneurs with experience at Wise, Skype and other companies, participated in the transaction. Spring Capital, a local venture capital fund, and well-known IT company Helmes Investments also joined as co-investors.