Sunvigo, a Cologne-based solar system installer, raised €15 million (~$17 million) in the latest financing round. Sparta Capital and Eneco led the funding round with Ecosummit, High-Tech Grunderfonds (HTGF), and Ubermorgen Ventures.
Deutsche Kreditbank AG (DKB) has provided a further €5 million (~$5.7 million) in debt capital.
Sunvigo offers homeowners an electricity contract, including a solar system. The company installs and operates the solar panels at the customer homes, while they pay only for the electricity. In addition to solar systems, Sunvigo also extends solutions for battery storage and charging devices for EVs.
Sunvigo founders Bastian Bauwens, Dr. Michael Peters, and Dr. Vigen Nikogosian plans to use the new funds to expand the Green Power Community further, improve the customer experience through digitalization, and optimize internal processes.
Sunvigo also plans to expand in terms of personnel. The company now has more than 50 employees and expects to expand in all areas this year. Sunvigo also intends to link its systems to create virtual power networks and thus make solar power from the Sunvigo Community available to all electricity customers.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, global venture capital and private equity funding in the solar sector in 2021 came to $4.5 billion, a 281% increase compared to the $1.2 billion in 2020. This is the highest amount of VC funding for the solar sector since 2010. There were 11 VC funding deals of over $100 million apiece in 2021. Of the $4.5 billion in VC funding raised in 58 deals in 2021, $3.9 billion (89%) went to 43 Solar Downstream companies.