Otovo, an Oslo-based online marketplace for residential solar and battery installations, announced that it has raised €30M in a funding round led by a solar investor Axel Johnson with participation from existing investors.
Otovo claims it will use the capital to accelerate entry to six new markets within the next 12 months to strengthen its leading position in Europe.
The company is currently operational in seven markets – France, Germany, Italy, Norway, Poland, Spain, and Sweden.
Founded by Andreas Bentzen, Andreas Thorsheim, Lars Syse Christiansen, and Simen Fure Jorgensen in 2016, Otovo is a pan-European marketplace for residential solar installations and batteries.
The marketplace organizes a network of more than 500 local, high-quality energy installers that have been vetted thoroughly.
The Norwegian company uses its proprietary technology to analyze the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.
Currently, Otovo has more than 12,000 customers and expects to add 10,000 new customers in 2022.
Otovo is listed on the Euronext Growth exchange in Oslo, with a market capitalization of €200M.
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