- Wattnow, a Tunisian smart energy management solution startup, has announced the closing of an undisclosed funding round to support its global expansion plans.
- The new funding will enable Wattnow to expand into new markets and enhance its services as it helps businesses adopt more sustainable energy solutions.
- Lateral Frontiers and 216 Capital led the funding round with participation from Outlierz Ventures, Satgana, Octerra Capital, and a group of strategic angel investors, including Guillaume Amblard and InstaDeep founder Karim Beguir.
InstaDeep is a Tunisian AI startup acquired by a biotechnology company in 2023 and has since invested in other Tunisian startups, including Clusterlab in March 2024.
Issam Smaali (CEO) highlighted this development as a significant step, noting that their key clients, originally onboarded in Tunisia, are now operating across multiple continents, showcasing the global appeal and effectiveness of their solution.
Founded in 2018 by Smaali, Wattnow helps businesses manage their energy use with easy-to-install hardware and software. Its service allows companies to monitor energy consumption in real-time, automate controls, and get alerts when issues arise.
Wattnow provides services across several industries, including automotive and aeronautics, telecommunications, banking and insurance, transformative, oil and gas, construction, and retail.
In March 2022, Wattnow raised $1.3 million in pre-Series A funding. Also in 2022, cleantech startups in Africa reportedly secured $863 million in equity funding, just behind fintech and accounting for 18% of the total capital raised across all tech sectors on the continent.
Besides, climate tech funding experienced significant growth, with investments rising from $340 million in 2019 to $344 million in 2020, $613 million in 2021, $959 million in 2022, and reaching $1.1 billion in 2023.
In August 2024, the African Development Bank (AfDB) revealed plans to invest $10 million in the KawiSafi II Fund to support African startups focused on renewable energy, clean mobility, and climate solutions.
This surge in investment highlights the region's transition toward renewable energy, which Wattnow is also leveraging. Climate tech startups, including Nigeria's Arnergy and Kenyaʼs Bio-Logical, have recently made headlines for securing funds.
