Netherlands-based software startup Solar Monkey announced today that it has raised €4 million in growth capital.
Founded in 2015, Solar Monkey provides software that enables installers of residential solar panels to work more effectively and reduce the time spent on operational processes. The company’s platform, based on algorithms, aerial imagery, and 3D-models, enables customers to make an installation plan for solar panels, create solar panel quotes, and monitor solar photovoltaic (PV) systems.
Jan Pieter Versluijs, CEO, Solar Monkey, said:
“We see that the Netherlands is leading solartech innovation in terms of software. We use our knowledge to generate impact in the rest of Europe. Thanks to this investment, we are able to pursue this ambition in the highest gear.”
Proceeds from the investment will be used to continue Solar Monkey’s international expansion and to strengthen the company’s product offering. The company is currently active in the Netherlands, Belgium and Spain and soon also in Germany and England.
The investment was co-led by Helen Ventures and energy company Eneco, and was joined by current investors, 4impact capital and Innovation Quarter.
Terhi Vapola, Vice President, Head & Founder of Helen Ventures, said:
“We are very happy to invest in Solar Monkey. The company’s past growth speaks for itself. With rising energy costs and more awareness of climate change, the timing is excellent for accelerated scaling of solar solutions across new markets.”
Hans Cool, Investment Director of Eneco Ventures, added:
“We are enthusiastic about the innovative software that Solar Monkey has developed, and see a lot of synergies with other companies in our portfolio that are active in the energy market with solar panels and heat pumps”.