Tallinn-based cleantech startup Fusebox has raised €2.6 million to connect consumers to energy systems for renewable integration and market earnings. The funding round was led by Soulmates Ventures, with participation from SmartCap, as Vestbee was told.
- Founded in 2014, Fusebox provides modular SaaS solutions that help power utilities, commercial, and industrial companies integrate renewable energy, storage, and consumption.
- The platform reduces energy imbalances, generates revenue from ancillary markets, and offers solutions for hybrid site management or scaling up to a full Virtual Power Plant (VPP).
- Fusebox’s cloud-based platform allows clients to manage assets like PV parks, energy storage systems, and consumption patterns, optimizing energy use based on business logic.
- The startup claims that its utilities can reduce energy imbalances by up to 95%, while commercial and industrial clients can cut energy costs by up to 35% and boost revenue by up to 40%.
Details of the deal
- Soulmates Ventures, a Prague-based venture capital firm supporting startups across Europe, led the funding round. SmartCap, which invests in VC funds focused on Estonian startups and fosters the venture capital ecosystem from pre-seed to scaleup stages, also participated.
"We are proud to have led this investment round to support a company with an outstanding product and an experienced team that consistently goes the extra mile," Investment Director at Soulmates Ventures, Michal Sikyta, commented in a press release.
- Existing shareholders Eneco Ventures and PKO Bank joined the round as well.
- The fresh capital will enable Fusebox to enhance its SaaS platform, expand its team, and scale its presence across the EU energy market.
"This investment marks a major milestone for Fusebox. In just two years, we've expanded to 13 global markets, showing the strong demand for our solution. With this funding, we’re ready to scale quickly and strengthen our presence across Europe," Fusebox’s Founder and CEO, Tarvo Õng, stated.
