The Estonian start-up “VOOL” has concluded an additional seed investment round, obtaining 1.3 million euros. In addition, a grant of 1.62 million euros was obtained, increasing the company’s total funding to 7.62 million euros. The investment will be used to increase the production capacity of electric car chargers and meet market demand.
At the same time, it is planned to increase the company’s sales volumes in the Baltics and Nordic countries. In addition, VOOL continues to develop new products to introduce its three-phase technology to households.
Although three-phase connection is available throughout Europe, most household appliances still only have access to a small part of the network’s power. Our solution uses all three phases and automatically switches between them when needed. Thus, we can offer reliable, sustainable and automatic charging of electric cars. We have recently started serial production and the first chargers have already arrived to their owners.
VOOL co-founder and CEO Juhan Härm
If the consumption in one of the three phases becomes too high, the charging device developed by “VOOL” receives a signal to switch to another, less loaded phase. It is planned that in time the company will offer similar solutions for the entire household.
According to the company “McKinsey” conducted research, Europe will need 29 million private electric car charging stations by 2030. This is 77 times more than what is currently available. By using the grid more efficiently, VOOL enables real estate developers to reduce additional costs associated with infrastructure upgrades and building new charging points, thereby accelerating the transition to greener energy.
The investment round was led by the capital fund “Specialist VC”, and involved such real estate developers as “Kaamos Group” and “Astri Group”, as well as the investment company “Amalfi”. New angel investors – Taavi Veskimägi, former chairman of the board of Elering, Estonia’s independent electricity and gas system operator, and Kuldar Väärsi, founder of Milrem Robotics – also participated in the financing round. However, the largest angel investors were VOOL employees, who contributed 15% of the investment round. “VOOL” investors also include the former president of Estonia Kersti Kaljulaid, the first director of information technology of Estonia and the founder of the e-residency program Tavi Kotka, the first employee of “Pipedrive” and the current chief architect of “VOOL” Elars Nellis ( Elar Nellis), as well as many others.
The VOOL Team (Publicity Image)
VOOL was founded in 2018 by energy experts Juhan Harms (CEO), Sander Vahtras (Chief Product Officer) and Hindrik Kilter (Chief Technology Manager). With the investment round just completed, the company’s total funding has reached 7.62 million euros, including grants of three million euros from the European Union’s “EIC Accelerator” innovation fund in 2022, 1.62 million euros from the Estonian government in 2023 and 1, 7 million from the first seed investment round in 2023.
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2023-09-10 13:39:44
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