EIT Climate-KIC supported Solar Monkey raises €4 million to accelerate Europe’s solar energy transition
Solar Monkey, the all-in-one software for solar panel installation, has raised €4 million in growth capital from Helen Ventures and Eneco. The successful financing round takes the Netherlands company, which participated in EIT Climate-KIC’s Accelerator programme from 2015 to 2017, another step closer to achieving its vision of transitioning Europe to solar energy.
The funds will be used for further international expansion and to strengthen the start-up’s product offering. Solar Monkey delivers an innovative software that allows solar panel providers to work much more effectively. Advanced algorithms, aerial imagery and 3D-models help reduce the time installers spend on operational processes such as designing, quoting and monitoring solar PV systems.
One in every four solar installation systems in the Netherlands is facilitated by this software, making it the country’s market leader. When Dutch customers receive a proposal in their inbox for solar panels, it is likely generated by Solar Monkey software.
“We are incredibly proud about this,” remarks Tino de Bruijn, CTO of Solar Monkey. “As a result, our clients can make more impact and be more profitable. With our software, installers manage in minutes what used to take hours.”
The start-up was founded in 2015 by de Bruijn, current CEO Jan Pieter Versluijs and former CEO Mels van Hoolwerff. Solar Monkey is currently active in the Netherlands, Belgium and Spain, and will soon be expanding into Germany and England.
The team has witnessed explosive growth in the Dutch market, supporting more than 250,000 solar panel systems per year with their software. With rising energy costs and heightened public concern over the climate crisis, the timing is right for scaling solar solutions across new markets.
“We see that the Netherlands is leading solar-tech innovation in terms of software. We use our knowledge to generate impact in the rest of Europe. Thanks to this investment, we are able to pursue this ambition in the highest gear,” says Versluijs.
Since 2010, EIT Climate-KIC has helped its start-ups raise €1.5 billion in external investment, incubated more than 1,800 climate-positive businesses and launch nearly 600 new products and services dedicated to addressing climate change.