Estonian cleantech Roofit.Solar raised €6,45M

Estonian venture fund EdgeCap Partners, together with German renewable energy investor BayWa r.e. Energy Ventures, led the €6,45M round of Estonian startup Roofit.Solar, which offers solutions for solar metal roof modules, and also develops roof planning software.

The modules serve as roof covering and power generators. They are made of metal sheets with integrated photovoltaic (BIPV) construction elements. So electricity is produced inside the photovoltaic layer integrated into a metal sheet.

The company will use financing to increase production capacity and sales in Estonia, Germany, and Sweden. It will invest in product development, particularly in the company's 3D software, and expansion into other European markets. The startup will also allocate part of the funds to train partner companies.

Roofit.Solar was founded by Andri Jagomägi, Raimond Russak, and Andres Anijalg in Tallinn in 2016.  

EdgeCap Partners is an Estonian private equity fund with a focus on companies from Central and Southern European regions. The fund was co-founded by Estonian entrepreneur Kristjan Piilmann. EdgeCap has already backed the startup in 2021, together with Estonian entrepreneurs Taavet Hinrikus and Sten Tamkivi, Spring Capital, and IT company Helmes Investments. The amount of capital was €6,4M.