European VCs back merger of Dutch and Swiss solar software firms: 'Stronger financials'

Dutch Solar Monkey provides software for calculations and quotations, supporting products like solar panels, batteries, and heat pumps.

Swiss Eturnity offers workflow software covering lead generation, sales, technical planning and project management.

Together, they serve more than 2,000 installers across eight European countries, according to a press release.

Now, the companies are merging to form a combined software platform for energy installers.

Fresh funding

The merger is backed by fresh funding from a group of European investors.

Spanish Alantra's energy transition fund, Klima, Belgian energy investor Junction, Dutch utility venture arm Eneco Ventures, and Finnish energy company Helen are all putting capital into the combined entity. The size of the investment was not disclosed.

Bastien Gambini, managing partner at Klima, outlined two benefits of the merged entity.

"More comprehensive coverage of all needs of residential renewable installers and reinforced geographic coverage across Europe ... and also stronger financials," Gambini wrote on LinkedIn.

The deal comes as the residential energy market grows more complex. Labour costs already account for 60% of the total bill, according to the companies.

"Installers can no longer compete without a strong software backbone to streamline their increasingly complicated work," said Matthias Wiget, CEO of Eturnity. "From lead to installation, every step in the workflow needs to be digitised. That's where the biggest gains are."

Jan Pieter Versluijs, founder of Solar Monkey, said the two teams have known each other for years through the European solar industry.

"By joining forces, we combine deep market knowledge and complementary strengths across markets and products," said Versluijs.

Both brands will continue to operate for now.

Previous impact investor backing

Solar Monkey has previously brought in funding from VC firms such as InnovationQuarter, 4impact capital, Redstone VC and EIT Climate-KIC.

Eturnity has been funded by both accelerators and investors, according to data from Pitchbook.