Cleantech Invest raises 1 MEUR investment into Watty, as part of 3 MEUR funding round
Cleantech Invest SPV 3 AB, a Swedish holding company founded by Cleantech Invest Plc, has made an equity investment of 1MEUR into Watty as part of a 3MEUR investment round. Cleantech Invest Plc owns 23% of the holding company and the effective fully diluted ownership of Cleantech Invest Plc in Watty will rise to 4% from current 1% after these investments. Cleantech Invest Plc will receive a fee of 25000 EUR related to the transaction.
Recently launched European Venture fund EQT Ventures, with some of Europe's most experienced investment advisors, most of them company builders themselves, is co-investing in the round. In addition, the Swedish Energy Agency has decided on a grant to the company worth 9.4 MSEK.
Watty has become a market leader in disaggregation, a technology for identifying what appliances are on, at what time, based on the electricity meter data. The company’s software approach excludes the need for hardware, cables or complicated installation procedures. Watty uses simple visualisations to break down consumers energy cost for immediate understanding of exactly how energy is spent in your home and what you can do to reduce your energy bill. Several bigger European utilities are currently working with the company on large scale deployments.
CEO of Cleantech Invest Plc, Alexander Lidgren, who is a board member of Watty comments: "The team of Watty has really impressed us since our initial peak-hole investment a little more than a year ago. Their technology has developed even faster than planned and has been thoroughly tested with customers in cooperation with some of the biggest energy companies in Europe. Watty provides what we really believe will be the energy bill of the future."
CEO of Watty, Hjalmar Nilssonne comments: ”I’m thrilled to be bringing new partners onboard. Watty is taking on one of the biggest sectors of the economy, the energy industry, with a ground-breaking machine learning technology. Few investors know the in-and-outs of the latest machine learning developments, and even fewer know the energy sector well. Working with both Cleantech Invest and EQT Ventures is a perfect match for us. We get deep industry expertize from Cleantech Invest paired with a strong experience of scaling technology businesses globally from EQT Ventures."
For more information
Alexander Lidgren, Managing Director of Cleantech Invest Plc, tel. +46 73 660 1007, email@example.com
Hjalmar Nilssonne, CEO, tel. +46 70 415 6362, firstname.lastname@example.org
Certified Advisor Access Partners Oy, tel. +358 9 682 9500
Watty is a Stockholm based technology company created from the Royal Institute of Technology. The company was founded in 2013 and has established itself as the market leader in disaggregation technology. In 2014 it won Niklas Zennström’s (founder of Skype’s) Green Mentorship Award and in 2015 was selected for ‘Sweden’s next unicorns’ at Daniel Ek’s and Ash Pournouri’s Symposium event.
About EQT Ventures
EQT Ventures is a new European VC fund with commitments of just over € 566 million, and some of Europe's most experienced investment advisors, most of them company builders themselves. EQT Ventures is part of EQT, a global leading private equity group.
About Cleantech Invest
Cleantech Invest is a Nordic accelerator with investments in growth companies that solve global challenges. The portfolio companies are active in energy- and resource efficiency as well as decentralized renewable energy and are based in Finland, Sweden and Germany. The company management consists of company builders and investors who have been active within the cleantech space for over a decade.The company is listed on First North Finland under the ticker CLEAN and on First North Stockholm under the ticker CLEANT A. www.cleantechinvest.com