Norway-based, Otovo is an online marketplace for solar installations, founded in 2016 by Andreas Thorsheim (CEO), Simen Fure Jorgensen (CPO), Lars Syse Christiansen (ex CFO) & Andreas Bentzen (ex CTO). The startup uses an automated bidding process to analyze a home & find the best price & (ideally a local, & certainly qualified/ high-quality) installer for the job. The company is active in 13 markets & to date has sold & completed over 11,000 solar energy projects across Europe. Otovo Q4 2022 revenue grew 2x to €18m, with 82% more solar installations yoy. According to the firm’s press release, the new round (€100m debt + €20m equity) is “the largest financing to date for a European solar company”. The startup will use the recent funding to expand its residential solar offerings with 12,500 new solar assets. The company will then have intermediated approx. €2 billion or 80-105MW of solar power & battery assets to date. Its worth noting that Otovo was previously listed on the Euronext Growth Oslo & recently uplisted to the Oslo Børs main market (as a part of this transaction). The firm currently has an enterprise value & market cap of approx. €150m & €167m respectively. <Source: techfundingnews.com, pv-tech.org, tech.eu, shifter.no, breakit.se>
