Swedish Startup SunRoof Raises €15 Million Funding

• SunRoof has secured €15 million funding from a number of investors, led by Alantra's Klima
• It plans to use the proceeds to strengthen its presence in existing markets of Sweden, Germany and Poland and also increase sales and production capabilities
• Inovo Partners, SMOK Ventures, Alfabeat and Level2 VC and business angels as entrepreneur Jon Olsson were among the funders for this round

Swedish solar energy startup SunRoof has raised €15 million in a funding round led by growth equity fund Klima to strengthen its position in the existing European markets, increase sales and production capabilities.

Other VC funds that participated in the round include Inovo Partners, SMOK Ventures, Alfabeat and Level2 VC and business angels as entrepreneur Jon Olsson.

SunRoof's product is a 2-in-1 building integrated solar roof with facades that optimize decentralized electricity generation of a building. The company claims these solar roofs are neat looking and more productive per surface area of a roof with lower carbon footprint compared to traditional roof installations.

It also offers a complete energy management system include storage and a digital platform that helps homeowners track the progress of their manufacturing and construction of their solar roof, along with monitoring production and consumption.

"Housing and transportation electrification will be key to accelerate the energy transition, and we expect decentralized solar to play a significant role to enable this," said Alantra Energy Transition (that owns Klima) Managing Partner Lucille Bonnet. "For re-roofing and new built applications, the integrated solutions of SunRoof are an economical and environmental no brainer and this represents a multibillion addressable market."

This funding round follows €4.5 million SunRoof raised in May 2021 in a seed extension round from a host of investors to develop energy trading and management system while expanding scale (see SunRoof Raises €4.5 Million To Fund Expansion Plans).

Apart from Sweden, SunRoof is now operational in Germany and Poland in the BIPV domain. The latest funding will help it grow and consolidate its position in these existing markets.