Inven Capial leads Zolar series-B expansion

BayWa RE Energy Ventures, Heartcore Capital, Statkraft Ventures and Partech Ventures have also participated in the extension.

Zolar said in a statement that the series-B extension was initiated by Inven.

Zolar intends to use the fresh capital to expand beyond Germany and to invest in the continuing development of its platform, according to a statement. The company expects to see growth opportunities arising from Germany's increasing demand for solar energy in their households, as well as increased use of electricity in the home due to the coronavirus pandemic.

Previous funding
In November 2017, Heartcore Capital (then known as Sunstone Capital) and Statkraft Ventures led a €4m series-A round for Zolar.

In August 2019, Zolar announced its €10m series-B funding round led by new investors Inven and BayWa. Existing investors Heartcore, Statkraft and Partech also participated.

Company
Founded in 2016, Zolar is an online platform that allows customers to purchase solar panel and battery systems at a fixed price to provide electricity in their homes, connecting them with registered installation firms. The company is based in Berlin and has 66 employees, according to LinkedIn. The company said in a statement that its revenues have doubled in a year.

People
Zolar – Alexander Melzer (CEO).
Inven Capital – Petr Míkovec (partner).
CEZ – Tomáš Pleskač (member of the board of directors, chief renewable energy and distribution officer).
Heartcore Capital – Jimmy Fussing Nielsen (partner).

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• Topics
• Expansion
• DACH
• Consumer
• Venture
• Germany
• Sunstone Capital A/S
• Partech Ventures