Wattnow, a Tunisian IoT smart energy management solution, has received a pre-Series B funding round of $1.3million.
The round was led and managed by Katapult climate and 216 Capital, with Cross Boundary joining Launch Africa Venture.
Oman Technology Fund, an investor who has been with Wattnow for a while, also participated in the round.
The startup was previously supported by regional investors such as Flat6Labs and Kepple Africa Ventures. Oman Technology Fund also received support from a selection business angels through the Bridging Angels network.
Wattnow, founded by Issam Smaali in 2018, helps companies to optimise their energy consumption and extend their assets’ lifespan. This allows them to reduce carbon emissions and lower costs. The core mission is to make a robust and accessible energy efficiency technology for both industrials, commercial buildings and corporations.
Despite the pandemic the startup was able to maintain its rapid sales growth and score market leaders in several sectors such as banks, telcos or retail.
“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.
“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.