Tunisian smart energy startup Wattnow raises $1.3m pre-Series A funding
Tunisian startup Wattnow, an IoT smart energy management solution, has raised a US$1.3 million pre-Series A funding round to help it expand across Africa and the Middle East.
Founded in 2018 by Issam Smaali, Wattnow helps companies take control of their energy usage through the combination of its plug-and-play hardware and software solutions. The startup’s service enables companies to visualise their energy usage in real time, control and automate certain loads, and receive alerts and notifications when something goes wrong.
The data, captured by smart sensors, is analysed through machine learning engines, with these insights accessible on a cloud-based dashboard, empowering companies by giving them access to detailed reports and analytics on their energy usage.
Having maintained exponential sales growth despite the pandemic, and securing customers that include retailers, telecoms and banks, Wattnow is now planning on expanding its client portfolio in other African and Middle Eastern countries. This will be financed by a US$1.3 million pre-Series A round, led by Katapult Climate, a Norwegian climate impact fund, and local VC firm 216 Capital. It also features Launch Africa Ventures, Cross Boundary, and the Oman Technology Fund, the latter of which is a previous investor in Wattnow alongside the likes of Flat6Labs and Kepple Africa Ventures.
As part of Plug and Play Morocco and Plug and Play Middle East’s T5 SDAIA Smart Cities Accelerator, Wattnow has already started sizing up the Moroccan and Saudi markets, and building partnerships for deployment.
“These funds will play a major role in helping us take Wattnow to the next level. As a 100 per cent 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,” Smaali said.
“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.
