Estonia-based EV charging startup VOOL announced that it has raised an additional €1.3M, bringing its total seed funding to €7.62M to date.
VOOL says the investment will be used to scale up EV charger production in its local factory to meet growing demand. It will also fund the expansion of the company’s international sales and customer support team in other Nordic countries.
The funding round was led by Specialist VC, a venture capital firm focused on sustainable technology. New angel investors also participated in the funding round, including Taavi Veskimägi, the former chairman of the board of Estonia’s independent electricity and gas system operator Elering, and Kuldar Väärsi, the founder of Milrem Robotics.
The round also attracted a mix of influential real estate developers such as Kaamos Group and Astri Group, as well as technology investment firm Amalfi.
However, the biggest angel investors were VOOL’s own employees, who contributed 15 per cent to the round.
VOOL was founded in 2018 and is currently operational in the Baltics, Finland, Sweden, Norway, and Denmark. The company employs 44 people. Its system is compatible with all-electric cars, chargers and software solutions.
VOOL’s technology monitors the user’s electricity consumption and grid load. When consumption in any of the three phases exceeds the grid’s capacity, it will automatically switch to a less loaded phase.
It is currently developing new products to bring this three-phase technology to households. Serial production has started and the first chargers have been sent out to customers.
The company’s technology uses the existing grid three times more efficiently than average. It allows real-estate developers to avoid additional costs associated with upgrading infrastructures and building new charging spots.`
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