Estonian charging solution Vool raised €1,7M

Estonian Vool, which develops a complete solution for charging electric cars, raised €1,7M from the lead Estonian fund Specialist VC, the former president of Estonia Kersti Kaljulaid (from 2016 to 2021), former CIO for Estonia Taavi Kotka and Estonian accelerator Startup Wise Guys.

Estonian business angel Elar Nellis, British business angel Justin Jenk, Toomas Kõuhkna and Estonian investment firm Opus 11 VC also participated in this round.

The new financing aims to increase the team, start mass production of chargers at the local factory and expand into foreign markets. The company plans to install 20K charging stations by the end of 2023.

Vool was founded in Tallinn in 2018 by Juhan Härm (CEO), Sander Vahtras (CPO), and Hindrik Kilter (CTO). The company claims, that the solution can switch loads between phases using dynamic hardware, and without creating overloads. The software of the solution tracks the electricity prices and ensures that the electric vehicle is charged at the lowest cost. 

Specialist VC is a venture capital fund supporting companies from the Baltic region, Finland and Ukraine. Usually, it starts financing from €250K. The fund was established in Tallinn in 2017.