PVcase Closes Oversubscribed Series A Round with $23M
PVcase, a Lithuanian-based solar software provider, announced today that it raised more than $23 million USD in Series A funding, making this the largest solar software company fundraising round in Europe. Elephant led the funding round, along with existing investors Contrarian Ventures and Practica Capital.
Founded in 2018, PVcase helps companies design, estimate, and optimize commercial and utility-scale solar assets. PVcase allows its customers to deliver market-leading projects faster than their competitors by transforming complex engineering processes with a simple and intuitive interface.
“Because PVcase runs on AutoCAD and can export to PVSYST, our engineering team is able to quickly and accurately complete site layouts and energy models,” said Patrick Canning, Vice President of Engineering at Nexamp. “We have been very satisfied with PVcase’s software, customer service, and the continued improvement of their product.”
“Securing one of the biggest clean technology funding rounds on the heels of achieving 4x ARR growth over the last year further validates the innovation PVcase is bringing to the entire value chain,” said David Trainavicius, founder and CEO of PVcase. “PVcase is proud to be leading the way as companies look for engineering solutions to help streamline the end-to-end processes of PV design.”
PVcase will use this new funding to further the development of its products, support expansion in the U.S., and accelerate hiring remotely and at its offices in Lithuania, Spain, and Germany. Scaling out the company’s product portfolio will include key investments in building a data-driven solar technology platform for all solar engineering needs. This includes a product pipeline to cover the entire solar project lifecycle – from sales and development to construction, operation, and maintenance.
“On a mission to fight climate change with software, PVcase has quickly established itself as one of the most exciting solar technology companies in the world,” said Peter Fallon, general partner at Elephant VC. “These are solutions built by solar engineers for solar engineers and provide an opportunity to begin a new era of accelerated solar innovation.”
As a result of the investment, Elephant’s Peter Fallon will be added to the PVcase Board. To learn more about PVcase products or to schedule a demo, please visit pvcase.com.
About Elephant VC
Elephant is a venture capital firm focused on the enterprise software, consumer internet, and mobile markets. The company was founded in 2015 and is headquartered in Boston, Massachusetts.
About Contrarian Ventures
Contrarian Ventures is a hands-on, community-focused, and founders vetted early-stage sustainable energy transition-focused VC in Europe & Israel. Aside from the core activity of the Fund — investing, Contrarian Ventures has also founded several initiatives that are contributing to the fostering of the energy community in Europe incl. Climate50, Energy Tech Summit, and Energy Tech Challengers.
About Practica Capital
Practica Capital is a dedicated Baltic VC focusing on investments in the Baltic (Lithuania, Latvia, Estonia) and Baltic-origin (e.g. Baltic diaspora) ventures in Europe. Practica Capital invests in ventures backing great teams behind the tech-driven businesses from the region and partnering with them as company builders.
PVcase is a solar technology company that develops software solutions for commercial and utility-scale solar asset owners. To date, PVcase has delivered service to customers in more than 50 countries in Europe, North and South America, Asia, and Australia. Some of their clients include BayWa r.e., Borrego, Statkraft, and Atwell Group.