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.
“Samara’s remarkable growth in Spain is a clear testament to the company’s dedication to simplifying and making the home energy transition affordable for everyone. We have been impressed by the team’s exceptional execution strength. As we continue our mission toward a resilient and sustainable future, the Green Generation Fund is thrilled to partner with what we anticipate will become one of the European leaders in home decarbonisation and energy independence.” says Janna Ensthaler, Founding Partner at Green Generation Fund.
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”.
Laurent Babut, Partner at Ring Capital, points out: “Facilitating the development of renewable energies is a priority if we are to reduce our greenhouse gas emissions in the long term. But the energy transition must rhyme with fair transition — something Samara has fully grasped, since the company directly supports households in their energy transition and helps them increase their purchasing power. It’s a real honor to be able to cross French borders to support solutions that have such positive impacts”.
Samara’s commitment to innovation and sustainability underscores its dedication to driving positive change in the energy landscape, both in Spain and beyond.