Tunisian IoT smart energy management solution, Wattnow, has secured a $1.3 million pre-Series A funding round.
The investment round was led by Katapult Climate; the Norwegian climate impact fund and 216 Capital; the newly incorporated VC fund in Tunisia; with the participation of Launch Africa Venture; Africa’s most active investors; alongside Cross-Boundary; international advisory and investment firm and a strategic Business Angel from KSA. The round also recorded a follow-up investment coming from Oman Technology Fund, a historical investor of Wattnow.
Established in 2018 by Issam Smaali, Wattnow helps companies take control and optimise their energy usage and extend the lifetime of their assets to reduce costs and carbon footprint. The core mission is to make a robust and accessible energy efficiency technology for both industrials, commercial buildings, and corporations.
“In a world where energy costs are increasing week after week, Wattnow’s platform and technology have the potential to help businesses significantly reduce their energy bill but also their impact on the environment. We are very excited to support Issam and the Wattnow team in their exciting journey,” said Dhekra Khelifi, Partner at 216 Capital.
Despite the pandemic, the startup managed to keep its exponential sales growth, scoring market leaders in its portfolio all coming across several sectors, such as retail, telcos, or banks, and industries, such as aeronautics, cement plants, or even pharmaceuticals.
Besides boosting local sales serving a variety of segments, Wattnow will be deploying a part of the funds into its internationalisation, targeting markets in Africa and the Middle East, while always keeping an eye on where the environmental impact can be the highest.
“This round will play a major role in helping us take Wattnow to the next level. As a 100% Tunisian startup, the whole team is very proud to have been able to make it to this stage, and the best is yet to come,” said Issam Smaali, CEO of Wattnow.
Previously, the startup was supported by regional investors including Flat6Labs, Kepple Africa Ventures, Oman Technology Fund, and a selection of business angels from the Bridging Angels network.
