Since Russia’s 2022 invasion of Ukraine, solar energy has gained significant traction in Europe. Electricity costs have risen while the expense of installing solar panels has decreased thanks to new subsidies, improved technology, and various European startups streamlining the installation process.
One such startup advancing the energy transition for households in Southern Europe is Samara, a Spanish company that has secured a €9 million Series A funding round (approximately $9.8 million). This comes just two years after the company’s inception.
“We have now aided more than 1,700 families in transitioning to solar and other energy-efficient products,” Samara co-founder Manel Pujol shared. “Since our launch in June 2022, we’ve become what we believe is Spain’s fastest-growing energy transition company.”
The startup has focused on optimizing the installation process. Upon visiting Samara’s website, potential customers can input basic information to receive a preliminary quote and an estimate of potential savings from solar installations.
This initial step is promising, as customers can save up to 70% on their electricity consumption from the grid — particularly advantageous in sunny Spain.
Samara then follows up to gather more information and craft a personalized installation proposal using the company’s proprietary offer builder. If customers decide to proceed, Samara manages permitting, procurement, and project management. The company maintains its teams of project managers and electrical engineers.
For the actual installation of solar panels and inverters, Samara employs a hybrid strategy utilizing both an in-house team and third-party partners.
This approach has dual benefits. Firstly, having an internal installation team enhances the overall product through direct feedback and customer journey improvements. Secondly, developing a marketplace of installers significantly extends Samara’s reach, now covering 75% of Spain.
Samara’s marketplace serves as a competitive edge, with over 1,000 small companies working on solar installations. These smaller entities can’t offer comprehensive services on their own, but Samara can augment their revenue by integrating them into its client base.
Aside from solar installations, Samara provides home batteries and electric vehicle chargers. Adding a battery can further reduce electricity bills, while the installation of an EV charger is a logical next step given the reduced electricity expenses.
There’s still room for growth in these areas. “Currently, we notice around a 20% attachment rate for these products with our solar projects and see substantial opportunities to develop these offerings in Spain, which lags behind Germany, the UK, and Italy in battery and EV charger adoption,” Pujol explained.
While 1,700 households have contacted Samara for solar projects, there are approximately six million households in Spain. Thus, Samara still has much potential to revolutionize home energy in its domestic market.
In Germany, a similar startup, Zolar, has raised over $170 million since its founding in 2016. Meanwhile, in France, energy renovation company Effy secured a $22 million funding round last year after 15 years of self-funding, indicating the rising investor interest in energy renovation.
Samara’s Series A round was led by Green Generation Fund and Move Energy, with participation from Ring Capital, Athletico Ventures, and existing investors Seaya and Pelion Green Future. In total, Samara has raised €15.5 million ($16.9 million) since 2022.
