June 4th, 2024, Madrid.
Samara, the startup that supports households in their energy transition, announces today that it has raised a Series A funding round of 9 million euros. This funding will be used to further accelerate its national expansion and continue to develop its own technological platform to offer a personalized energy transition service for households, thereby strengthening its position in the sector.
The round is led by international funds Green Generation Fund and Move Energy, with participation from impact fund Ring Capital and Athletico Ventures, a venture capital firm that assists elite athletes in investing in promising startups. Additionally, both Seaya and Pelion Green Future, funds specializing in technology and sustainability that led Samara’s pre-seed and seed rounds, also participated in the round, demonstrating their confidence in Samara and the solidity and maturity it has achieved in just 2 years since its inception. This raise confirms the potential of the Spanish company, which multiplied its revenue 8 times in 2023 by providing a comprehensive service of solar panel installation, batteries, and electric vehicle chargers. Samara will also be incorporating new renewable technologies into its product portfolio.
A commitment to energy transition in Spain, starting with solar
Samara, which was founded in June 2022, is led by Iván Cabezuela (former Country Manager of Bulb in Spain) and Manel Pujol (former Country Manager of Uber Eats and Alan in Spain), two entrepreneurs with extensive experience in scaling and operating high-growth technology companies.
“We have witnessed the beginning of a process that will revolutionize the way households consume energy. In the coming years, we anticipate an acceleration in the adoption of new green technologies that will contribute to the electrification of homes and mobility. Electricity is the worst-rated industry by consumers due to a lack of transparency, and most customers hardly understand their electricity bills, so our vision is to become the most trusted partner for consumers. We want to continue to offer the best consumer experience throughout this transition towards a more transparent, affordable, and green energy model.” says Iván Cabezuela.
The company has its own engineering, installation, software and energy community management teams, among others, logistics centers in Madrid and Barcelona, and operates in 74% of the national geography, aiming to expand throughout Spain this year. Frederik de Hosson, partner at Move Energy, highlights:
“Samara has demonstrated that decarbonizing the residential space and delivering a great customer experience can go hand in hand. We are highly impressed by the team and are convinced that Samara has all the ingredients to make its holistic clean home energy solutions accessible to many households and communities in Southern Europe. We are excited to be part of Samara’s journey and look forward to contributing to its growth.”
Promoting renewable solutions through technology
The round not only provides financial backing but also validates Samara’s mission to promote renewable solutions through technology. Through its proprietary software, Samara aims to empower single-family and community households to intelligently manage their energy consumption and reduce CO2 emissions. Furthermore, the company aims to boost the adoption of innovative renewable technologies, such as heat pumps, providing efficient and sustainable alternatives to traditional heating systems.
“Helping to electrify home heating through green energy is our next step. In this sense, heat pumps are a key technology,” explains Cabezuela. “They complement solar perfectly, offering an efficient, cost-effective, and sustainable solution that is a real alternative to gas or oil boilers”.
Samara’s commitment to innovation and sustainability underscores its dedication to driving positive change in the energy landscape, both in Span and beyond.
About Samara
Samara is the solar energy company that accompanies households in their energy transition towards a more efficient and sustainable model, achieving savings of up to 70% on the electricity bill. It was founded in June 2022 and offers a comprehensive quality solar energy service (with solar panels, batteries, and electric vehicle chargers). Through the development of proprietary technology, Samara simplifies and facilitates the adoption of self-consumption to consumers. To do this, the company has in-house engineering, installation, and energy management teams who accompany its customers, both individual homeowners and energy communities, throughout the whole process: from a 100% personalized preliminary study to the adoption of new technologies, including installation, maintenance, and proactive monitoring, as well as in bureaucratic processes and subsidy applications.