Wattnow, an IoT smart energy management solution based in Tunisia, has secured a $1.3 million pre-Series A funding round with international and local reputable investors.
Katapult Climate, a Norwegian climate impact fund, and 216 Capital, a newly incorporated VC fund in Tunisia, led the investment round, which also included Launch Africa Venture, one of Africa’s most active investors, as well as Cross Boundary, an international advisory and investment firm, and a strategic Business Angel from Saudi Arabia.
The round also included a follow-on investment from Oman Technology Fund, a previous Wattnow investor.
Wattnow, founded in 2018 by Issam Smaali, helps companies in controlling and optimizing their energy usage as well as extending the life of their assets to reduce costs and carbon footprint.
“In a world where energy costs are increasing week after week, Wattnow’s platform and technology have the potential to help businesses significantly reduce their energy bill but also their impact on the environment. We are very excited to support Issam and the Wattnow team in their exciting journey,” said Dhekra Khelifi, Partner at 216 Capital.
Despite the pandemic, the startup managed to keep its exponential sales growth, scoring market leaders in its portfolio all coming across several sectors, such as retail, telcos, or banks, and industries, such as aeronautics, cement plants, or even pharmaceuticals.
Besides boosting local sales serving a variety of segments, Wattnow will be deploying a part of the funds into its internationalization, targeting markets in Africa and in the Middle East, while always keeping an eye on where the environmental impact can be the highest.
“This round will play a major role in helping us take Wattnow to the next level. As a 100% Tunisian startup, the whole team is very proud to have been able to make it to this stage, and the best is yet to come,” said Issam Smaali, CEO of Wattnow.
Previously, the startup was supported by regional investors including Flat6Labs, Kepple Africa Ventures, Oman Technology Fund, and a selection of business angels from the Bridging Angels network.