Fusebox, an Estonian company and the largest flexibility supplier in the Baltic republics, has raised a €2.6 million investment to drive its expansion across Europe. Soulmates Ventures led the round, also participated by SmartCap, Eneco Ventures, and PKO Bank, among existing shareholders, the company told AIN.
About Fusebox
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Founded in 2014 by Tarvo Õng, Fusebox offers modular SaaS solutions for power utilities, commercials, and industries to integrate renewable energy, reduce energy imbalances, and generate revenue.
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The cloud-based solution allows lients to manage assets like PV parks, energy storage systems, and consumption patterns, reducing energy imbalances by 95%, saving 35% on costs, and increasing revenue by 40%.
"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. What makes us unique is that we don’t compete with our clients in the ancillary market. Instead, we offer them a modular toolkit to build their own flexibility business. With this funding, we’re ready to scale quickly and strengthen our presence across Europe," Fusebox’s Founder and CEO, Tarvo Õng, mentioned.
Investment details
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This round’s lead investor is Soulmates Ventures, a VC firm founded in 2020 by Hynek Sochor and is based in the Czech Republic. The company’s portfolio includes seventeen renowned startups such as eAgronom, Kardi AI, Twinzo, Flowpay, VOS.health, Precismo, Ogre AI, Madmonq, and Twin Science.
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SmartCap, as well as existing shareholders Eneco Ventures and PKO Bank have also joined the funding round.
“Fusebox has proven success through its scalable model in the Nordics and Baltics with over 3,600 connected assets and is now expanding across Europe and beyond. 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," says Michal Sikyta, Investment Director at Soulmates Ventures.
The fresh investment will boost Fusebox's growth by improving its SaaS services, attracting new talent, and expanding its EU energy market presence.