Funding Rounds · · 2 min read

Solfium Raises $3M Seed Round to Drive Solar Tech Expansion

Solfium, a fast-growing Canadian solar technology company, recently announced the closing of a $3 million seed financing round.

Solfium Raises $3M Seed Round to Drive Solar Tech Expansion

Solfium, a fast-growing Canadian solar technology company, recently announced the closing of a $3 million seed financing round. The funding comes from a global syndicate of investors who bring complementary expertise to help scale Solfium’s innovative solar solutions.

Solfium Accelerating Consumer Solar Adoption

Solfium has developed a tech-enabled ecosystem to eliminate friction in rooftop solar adoption for homeowners and businesses.

Through its end-to-end digital platform, Solfium aims to dramatically accelerate solar energy adoption by retail customers.

The company provides an effortless customer experience to facilitate the switch to solar power. This includes streamlined system design, transparent pricing, simplified purchase and financing options, premium equipment, and top-rated installations.

Solfium has developed a tech-enabled ecosystem

Enabling Corporate Renewables Procurement

For corporate customers seeking to achieve net zero climate commitments, Solfium offers turnkey solutions to cost-effectively decarbonize business operations.

This includes renewable energy procurement options tailored to a company’s global footprint and value chain.

Specifically, Solfium helps corporations purchase solar solutions for various stakeholders, including customers, vendors, facilities, and employees.

This enables measurable, verifiable Scope 2 and Scope 3 greenhouse gas emission reductions.

Enabling Corporate Renewables Procurement

Leveraging Strategic Partnerships

A key part of Solfium’s business model is forging partnerships directly with top solar equipment manufacturers.

By working closely with industry players, Solfium passes component cost savings onto customers while maintaining premium quality standards.

Global Investor Syndicate

The group of seed investors provides strategic support and networks to aid the startups ambitious expansion plans. The funding round was announced at Mexico’s second largest stock exchange, reflecting the company’s growth potential.

Backers include Propulia Capital along with new investors Redwood Ventures, RaliCap, Katapult VC, and Savia Ventures.

This notable syndicate connects Solfium to valuable expertise and relationships across North America, Latin America, Europe, and beyond.

Targeted Growth Areas

The company will deploy the new capital raised to scale operations, invest further in its solar adoption platform, and convert its robust sales pipeline.

Priority areas for business growth include:

  • Expanding installation capacity to meet customer demand
  • Enhancing the digital platform to optimize user experience
  • Offering innovative purchase and financing options
  • Building partnerships with more solar manufacturers and installers
  • Adding staff across technology, sales, marketing, and customer service

Industry Tailwinds

Solfium is poised to ride significant tailwinds supporting renewable energy adoption globally. Solar power capacity grew over 30% in 2021, and rooftop installations are expected to double within 5 years.

Governments are also enacting policies, incentives, and regulations to accelerate solar adoption in support of renewable energy targets.

The platform helps consumers and businesses seamlessly capitalize on this favorable policy backdrop.

With momentum from a successful seed round, strategic investors, and strong industry fundamentals, the company aims to play a leading role driving the mass adoption of distributed solar power.

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