Samara, the Spanish energy company that supports households in their energy transition, announcestoday that it has extended its latest Series A financing round, closed before the summer, to €10.5 million. The participation of Portuguese impact fund Mustard Seed Maze (MSM) has raised the total amount by €1.5 million, and makes the deal one of the leading rounds of the year among energy startups in Spain.
With this additional funding, the company will double down on its objectives; to continue its national expansion and operate throughout Spain by 2024 and continue to develop its own technological platform to offer a customised energy transition service for households, thus strengthening its position in the sector.
In a changing environment of high fluctuation of energy prices, Samara continues its strategy of continuous and sustainable growth. The company increased its turnover by a factor of 8 in 2023 by providing a comprehensive installation service for solar panels, batteries and electric vehicle chargers, and is already working on incorporating new renewable technologies into its product portfolio.
In-house technology to help households reduce their energy costs
Technology has been part of Samara's DNA since its birth in June, 2022. Its value proposition is based on developing proprietary solutions that facilitate the energy transition of households by simplifying the process as much as possible in order to focus efforts on supporting the customer during this change. In Spain, Samara has established itself as one of the fastest growing energy companies and the best rated by consumers, with a 4.9/5 rating on Google.
Additionally, this round will serve to boost the adoption of new renewable technologies in homes, such as aerothermal energy and heat pumps. “At Samara, we started by offering a differential service in the installation of solar panels, storage batteries and electric vehicle chargers, and now we want to go further, developing solutions that diversify and enhance those we already offer,” says Cabezuela. “Helping to electrify home heating through green energy is our next step. In this sense, heat pumps are a key technology: not only does it complement solar perfectly, but it is a very efficient, economical and sustainable solution that is a real alternative to gas or oil boilers,” he concludes.
“MSM has long sought solutions for home energy transition due to its impact potential. Samara emerges as the ideal market-product-team fit. Spain offers a promising market for a European leader, with its abundant sunlight and favorable legislation creating untapped potential. Samara simplifies the complex electricity market, offering consumers clarity and trust with a green energy solution that meets their needs and preferences. Their end-to-end service allows consumers to benefit from network effects and savings by aggregating their distributed assets. Manel and Iván are perfectly suited to tackle this challenge, bringing crucial experience from high-growth startups like Uber and Bulb to a market where operational excellence is key. The company's impressive traction in just two years demonstrates the founders' excellence and the investment's business potential” states Sofía Queiroz,principal at MSM.
A commitment to the energy transition that started with self-consumption
Samara, which was founded in June 2022, is led by Iván Cabezuela (former Country Manager of Bulb in Spain) and Manel Pujol (former Country Manager of Uber Eats and Alan in Spain), two entrepreneurs with extensive experience in scaling and operating high-growth technology companies.
“We are currently immersed in a process that will revolutionise the way households consume energy. In the coming years, we anticipate an acceleration in the adoption of new green technologies that will contribute to the electrification of homes and mobility. Electricity is the worst-rated industry by consumers due to a lack of transparency, and most customers hardly understand their electricity bills, so our vision is to become the most trusted partner for consumers. We want to continue to offer the best experience throughout this transition towards a more transparent, affordable, and green energy model.” says Iván Cabezuela. The company has its own engineering, installation, software and energy community management teams, among others, logistics centers in Madrid and Barcelona, and operates in 74% of the national geography, aiming to expand throughout Spain this year.
About Samara
Samara is the energy company that accompanies households in their energy transition to a more efficient and sustainable model, achieving savings of up to 70% on energy bills compared to traditional alternatives. Born in June 2022, it offers a comprehensive energy service with solar panels, batteries, electric vehicle chargers and aerothermal energy. Through the development of proprietary technology and customer focus, Samara simplifies and facilitates the adoption of this type of technology for consumers.
AboutMustard Seed Maze
Mustard Seed Maze (MSM) is an impact Venture Capital fund that invests in the great businesses of the future, those that solve social and environmental challenges. MSM targets fast-growing European ventures with global lock-step potential where impact and financial returns are mutually reinforcing. In addition, MSM provides tailored support throughout their journey of growth. Based in Lisbon and London, MSM has invested in 38 European-based startups such as Orbital Materials, Kitch and Uphill.
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