Contxto – The future is green for one Brazilian startup. Both in terms of the problems it addresses and in recent funding-related events.
Today (22) fintech Solfacil announced it closed its Series A for US$4 million in a round led by Valor Capital Group. The venture capital (VC) firm was joined by angel investors who’ve backed the company since 2018.
The startup will use the funds towards tech development, expanding commercially, as well as launching new financial products.
Solfacil makes solar panels accessible
Solar panels can save homes money. But, these alternative energy sources aren’t renowned for being cheap. Consequently, many people in Brazil don’t own one and continue paying expensive electricity bills.
But Solfácil aims to make solar panels accessible through financing solutions.
“The acquisition of a solar system allows consumers to produce most of the energy they need. It’s a non-brainer, consumers save money and benefit the environment,” notes Fabio Carrara Founder and CEO at Solfácil.
The startup coordinates the financing, installation through third parties, and output of solar panels with a touch of tech.
“We differentiate ourselves with a complete digital experience, the ability to partner with the best solar installers, to validate the project, to verify the installation, and to monitor the system’s performance through a proprietary Internet of Things (IoT),” says the Executive.
- Related article: Chilean Inti-Tech’s solar panel robots are cleaning up a secretly dirty industry’s act
For Valor Capital Group, the startup’s business model coupled with Carrara’s five-year background working with solar energy gave Solfácil points. Factor in Brazil’s all-around sunny weather and the VC was onboard.
Show me the tech
Solfácil plays a critical role in coordinating its partners with homes looking for solar panel systems. But I for one wanted to learn more about its upcoming tech updates.
Otherwise, it just looks like a company with an eco-friendly financing solution. Accordingly, the startup filled Contxto in on some of its upcoming plans.
“Higher automatization, better customer experience, [the] launch of new products (SME loan), higher efficiency, [and] more security,” said Solfácil in written correspondence.
“In terms of IoT, our goal is to reduce costs and improve functionalities related to solar system monitoring.”
In short, the startup is improving its product across multiple fronts and even expanding to assist small businesses with new financial products.
It looks like the sun is shining for more people to access alternative energy sources.
Related articles: Tech and startups from Brazil!