€ 1 million from InnovationQuarter among others for Dutch market leader Solar Monkey
Solar Monkey brings international solar panel market ahead
Solar Monkey delivers B2B software for the design of solar power systems as well as remote performance monitoring services. This enables installers to remotely design and offer solar power systems with confidence. Solar Monkey’s products stand out by their great ease-of-use, as well as their unique and accurate yield calculations developed at the TU Delft. Clients experience efficiency gains in their sales process as well as a higher conversion rate of their leads. “I cannot imagine having to work without Solar Monkey anymore,” says Danny Holtrigter at Feenstra. At the same time, the care-free monitoring service gives PV-owners the ease-of-mind that their system is performing up to spec.
Market leader in The Netherlands
The company already serves hundreds of installers in The Netherlands, who combined represent the leading market share of installations. Solar Monkey now intends to enter into international solar markets, as part of its mission to accelerate the adoption of solar power. Solar Monkey has already made headway in Belgium, in response to customer demand. Other countries beckon, especially those where installers still have to resort to using manual methods for delivering designs and proposals.
CEO Jan Pieter Versluijs: “This funding round enables us to gain a critical competitive edge as we venture abroad. We want to deliver maximum value to our new partners, so every dime goes into improving our product and telling our story.”
4impact and InnovationQuarter invest in impact
To fund their outreach and product development, Solar Monkey has raised the necessary capital in a round led by 4impact in combination with the existing investors InnovationQuarter and an informal investor. The equity round totals over EUR 1 million. The funds will be used for the development of new features and international products, team expansion and the international roll-out. Aside from a strong financial backing, the investors provide international networks and expertise that will help drive the international strategy.
Accelerating the much needed energy transition
For 4impact, a tech and impact focused venture capital fund, the investment in Solar Monkey marks their second investment in March. “Solar Monkey has shown incredible traction in the rapidly growing solar industry. We see the efficiency they provide through their advanced software with easy user interface, which helps to accelerate the much needed energy transition. The opportunities for the company are tremendous and we look forward to working with its driven team and existing investors to see the business expand both locally and internationally”, says Pauline Wink, Managing Partner at 4impact.
Team shows great complementary qualities
InnovationQuarter, a VC fund for the South-Holland region, was an early investor in the company, together with an informal. “We have supported Solar Monkey from a very early stage, and we are extremely satisfied with the progress so far. The founding team has shown a combination of technical, commercial and managerial skills that is the foundation of its success. Together with our partner investors we look forward to help expand this success into new markets”, says Francis Quint, Head of Capital at InnovationQuarter.
Solar Monkey will be present at the Solar Solutions trade market from 19-21 March 2019, where they will launch a sneak preview of what can be expected in 2019.