Estonian EV charging solution VOOL raised €1,3M
Tallinn-based charging solution for electric vehicles VOOL raised €1,3M. The lead investor was the Estonian venture capital firm Specialist VC. Among angel investors were VOOL’s employees, who supported their company with €195K.
The founder of Estonian defense solutions provider Milrem Robotics Kuldar Väärsi, the former CEO of Estonia’s independent electricity and gas system operator Elering Taavi Veskimägi, Estonian capital-based family office, operating in the area of real estate development, construction, and the timber industry Kaamos Group, Estonian commercial estate developer Astrigroup, and Estonian investment company Amalfi also participated in the round.
Founded in Tallinn in 2018 by Juhan Härm (CEO), Sander Vahtras (CPO), and Hindrik Kilter (CTO), VOOL's solution comprises the charger, hub, B2C application, web platform, and B2B admin portal. The technology allows to switch loads between phases using dynamic hardware without creating overloads. The software tracks the electricity prices and ensures that the electric vehicle is charged at the lowest cost. VOOL operates in all Baltic countries, Finland, Sweden, Norway, and Denmark, and employs 44 people.
The startup will use the investment to scale up its EV charger production in the local factory and hire more sales and customer support employees in the Nordic countries. In addition, Vool will continue to develop new products for putting through its three-phase technology in households.
According to Juhan Härm, the company has just started serial production of three-phase chargers. These types of chargers can substitute electrical fuses, automatically switching the consumption to a less loaded phase.
Apart from venture investment, the startup received a €1,62M grant from the government of Estonia. In February 2023, VOOL raised €1,7M from Specialist VC, the former president of Estonia Kersti Kaljulaid, former CIO for Estonia Taavi Kotka, Estonian accelerator Startup Wise Guys, the first employee of Pipedrive and the current chief architect at VOOL Elar Nellis, Toomas Kõuhkna and Estonian investment firm Opus 11 VC, and others.
Founded in Tallinn in 2017, Specialist VC is an investment firm. It supports companies from the Baltic region, Finland, and Ukraine. Usually, it starts financing from €250K. At the beginning of 2022, Specialist VC launched a new €50M, which gets support from Estonian LHV pension funds and the European Investment Fund through the European Guarantee Fund and the Baltic Innovation Fund 2. In 2023, the fund invested in the Estonian manufacturer of electric cargo bikes Vok Bikes, an Estonian investment platform allowing its users to invest in sustainable funds Grünfin, Mumbai-based building health companies startup 2070 Health, Estonian insurtech Value.Space, Finnish equipment rental platform Rentle.
