Woltair, a Czech company accelerating the deployment of heat pumps and renewable energy in homes through a digital platform, today announced the successful completion of a new investment round. In addition to the €16.3 million raised in September 2022, the company raised an additional €20.5 million from existing and new investors. Woltair has grown 300% year on year and is launching its expansion into Germany.
The extension of the investment round was co-led by Woltair’s existing investor, The Westly Group, and new investor, Fifth Wall, with strong participation from ArcTern Ventures, KAYA, and Inven Capital, who are enthusiastic about the company’s strong growth. Fifth Wall is the largest asset manager focused on improving, future-proofing and decarbonizing the built world, which invested out of its London-based European Fund.
Woltair is officially launching in Germany, where the heat pump market grew by over 50% in 2022. Despite the growing sales, German homeowners are still behind the target set by the Federal Government. By 2024, it expects 500,000 new devices to be sold each year. In 2022, heat pump sales were only halfway, with 236,000 new installations.
Woltair will partner with small and medium installers to help them be more productive, install faster and accelerate the market. The company will provide consumers with a unique online calculator to select the best solution design, including calculating savings, payback, and other details. Woltair will also guarantee heat pump installation within 30 days, provide financing, and offer the widest selection of equipment on the market.
“We are thrilled to have received this additional investment from our existing and new investors. It’s confirmation for us that we are moving in the right direction and that our model is truly unique. This funding will help us accelerate our international expansion, further develop our unique digital platform, and strengthen our position in the supply chain, which are our decisive competitive advantages. Woltair is helping to accelerate the adoption of heat pumps and renewable energy sources in homes and increase the overall capacity of the technician market, of which there is a shortage everywhere”, says Jan Hanuš, CEO of Woltair.
“We’re incredibly proud to be a part of propelling Woltair’s critical mission to meaningfully accelerate the decarbonization of buildings. The combination of their software, their top management team as well as the vast market opportunity is unmatched. We look forward to leveraging our deep-seeded Limited Partner relationships within the region to accelerate their growth and the overall expansion of the Climate Tech sector across Europe”, says Miguel Nigorra, Partner and Head of Europe, Fifth Wall.
In addition to Germany, Woltair plans to enter Italy during the second quarter of this year. The company’s international expansion into Germany and Italy follows its strong traction in the Czech Republic, where the company has achieved profitability and its growth in Poland after launching a year ago. Since launch, Woltair has served over 3,000 customers and is estimated to have saved more than 9,000 tons of Co2 emissions from the atmosphere.
“Such rapid growth in the Czech market and dynamic development abroad is made possible not only by our unique platform, which can be applied relatively easily virtually anywhere in the world, but also by the strong background of a number of experienced investors from the Czech Republic, Europe, the USA, and Canada, who are, among other things, a guarantee of stability,” adds Hanuš.
