Solfium secures US $3M seed financing

CPE News

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CPE News (11.27.2023) – Solfium has announced the closing of its US $3 million seed financing at the Bolsa Institutional de Valores (BIVA).

Redwood Ventures, RaliCap, Katapult VC, Savia Ventures, Propulia Capital and others participated in the financing.

Founded by Andres Friedman, Juan Osuna and Zach Magnan, Montreal and Mexico City based Solfium is a fast growing Canadian solar-tech company. Its tech-enabled ecosystem eliminates friction for consumers, installers, and component manufacturers. Solfium provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses.

Funding will be used to expand operational capacity, to invest in tech, and to convert Solfium’s well-developed sales pipeline.

photo credit: Solfium

News Release

Solfium Inc. caps high impact year with USD3 million Seed financing

Solfium builds an international syndicate to support its drive to dramatically accelerate the adoption of distributed solar energy, initially in Mexico. Solfium decarbonizes value chains, and customers save money on electricity bills.

MONTREAL and CALGARY, AB, Nov. 27, 2023 /CNW/ – Solfium announced the closing of its USD3 million Seed financing round at the Bolsa Institutional de Valores (BIVA), Mexico’s second largest stock exchange, focussed on technology, and supported by Nasdaq. Proceeds will be dedicated to expanding operational capacity, to invest in tech, and to convert Solfium’s well-developed sales pipeline.

Redwood Ventures, RaliCap, Katapult VC, and Savia Ventures have joined Propulia Capital and others to form a global syndicate that brings together complimentary expertise, market knowledge, and networks in Mexico, Canada, the United States, Europe, and beyond.

“We are delighted by the breadth and depth of support the Solfium project has received from this group of highly regarded investors. Each brings specific skill sets and profiles to support Solfium on its ambitious journey to dramatically accelerate the adoption of distributed solar energy.” says Andres Friedman, Solfium’s co-founder and CEO.

Alejandro Gonzalez, managing partner with Redwood Ventures suggests that “With our deep roots in Mexico, we know that the conditions are ideal, and the time is now for Solfium’s disruptive technology and innovation to transform customer experiences and to rapidly decarbonize value chains.”

Hayden Simmons, general partner with RaliCap adds “From our home in Silicon Valley, RaliCap looks forward to leverage its extensive experience in emerging market fintech to support Solfium’s brilliantly conceived ecosystem to further remove friction for consumers by implementing and integrating best-in-class payment processing and financing technologies, models, and practices.”

Andres Baehr, managing partner at Savia Ventures adds: “Savia Ventures is laser focused on supporting ventures who provide solutions to climate change in Latin America. Solfium fits the bill perfectly and Savia is thrilled to leverage its sector expertise and networks in the US, LATAM, and beyond to help the team to put panels on every roof. Everywhere!”

Solfium is also in the top global climate tech startups to receive investment from the Katapult group this fall. These startups represent the top 1% of 2,500 candidates. Through Katapult programming, Solfium founders are strengthening their skills in impact, strategy, management, and investor readiness. Solfium will also benefit from entering a network of international mentors, industry players and investors.

Solfium’s Seed financing complements its recent recognition by Foresight Canada as one of the country’s most investable cleantech companies, by the CleanTech Open as one of 6 finalists in its Global Ideas Competition, as a featured innovator at the Banff Venture Forum, and as a member of Google’s #100Pro top LATAM entrepreneurial companies listing.

About Solfium – www.solfium.com

Solfium’s is a fast growing Canadian solar-tech company. Its tech-enabled ecosystem eliminates friction for consumers, installers, and component manufacturers. Solfium provides retail customers with an end-to-end digital platform that facilitates the adoption of solar energy for their homes and businesses. For corporate customers seeking to meet Net Zero targets, Solfium provides shovel-ready solutions to decarbonize their value chain at scale (customers, vendors, corporate facilities, and employees) delivering Scope 2 and 3 GHG emission reductions in an automated way. Solfium partners directly with manufacturers to provide best-in-class components and passes those savings onto their customers.

About Redwood https://www.redwood.ventures/

Redwood Ventures is a Venture Capital fund, based in Mexico. It focuses primarily, in seed, early stage and series A investments in high-impact tech companies worldwide, with a natural focus on Latin American startups. Launched during late 2017, the fund is the largest institutional fund in the Mexican west-coast. Redwood Ventures is pioneering the VC stage in one of the fastest-growing Latin American tech hubs; Guadalajara.

About RaliCap Climate – https://rallycap.vc/ralicap-climate

Before launching RaliCap Climate, we backed 50+ founders building the next generation fintech. Our entry in the climate space leans heavily into our emerging market expansion and fintech infrastructure expertise, as we build our brand and experience. Climate change is increasingly impossible to ignore, violently crescendoing from abstract inconvenience into a ubiquitous and intractable headwind.

About Katapult https://katapult.vc/

Katapult VC invests in and helps to launch and scale profitable and sustainable startups with a positive impact on the climate. Since 2017, Katapult has made 146 investments in exciting impact companies from all over the world and currently has more than USD100m under management. All invested companies participate in a 3-month accelerator program to support growth and impact. A global network of more than 100 mentors and partners support the companies together with a team based in Oslo, Norway. To learn about other companies Katapult has invested in, visit https://katapult.vc/portfolio/

About Savia https://www.saviaventures.com/

Savia Ventures is a pure-play climate-tech VC firm formed by climate investors, scientists and entrepreneurs. The Savia Fund I is focused on supporting exceptional teams addressing climate change in Latin America, leveraging from the team’s track record in growing 18+ climate-tech startups and achieving 5x MOIC of the top companies.
About Bolsa Institucional de Valores (BIVA) – https://www.biva.mx/

Launched in 2015 with the support of Nasdaq’s X-Stream technology, BIVA is Mexico’s second largest stock exchange with the main objective of contributing to the growth of the securities market through innovation, the use of state-of-the-art technology and greater accessibility. Its three pillars are inclusion, innovation and technology, making it one of the most technologically advanced exchanges in the world.

SOURCE Solfium

For further information: Zacharie Magnan, Co-Founder and CFO, SOLFIUM Inc., +1 (403) 606-7388, zach.magnan@solfium.com