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EV charging startup VOOL gets €2.92M funding with backing from Ex-Estonian President

VOOL team
Picture credits: VOOL

According to McKinsey, Europe will need at least 29 million private charging points by 2030. This represents a staggering 77x increase from the charging stations that are available today. By using the grid more efficiently, Estonian startup VOOL enables real-estate developers to avoid additional costs associated with infrastructure upgrades and building new charging spots, accelerating the energy transition.

Now, the Estonian EV charging startup has closed an additional seed investment round of €1,3 million. This follows the recent grant of €1.62 million, which brings the total funding to €7.62 million. 

The round was led by Specialist VC and attracted a mix of influential real estate developers, such as Kaamos Group (which backed RAIKU) and Astri Group, as well as investment company Amalfi. New angel investors participating in the funding round include Taavi Veskimägi and Kuldar Väärsi. However, the biggest angel investors were VOOL’s own employees, giving 15% of the investment round. 

VOOL’s current angel investors also include the former president of Estonia, Kersti Kaljulaid, the first CIO of Estonia and founder of the e-Residency programme, Taavi Kotka, the first employee of Pipedrive and the current chief architect at VOOL, Elar Nellis, and many others.

The investment is aimed at further scaling up its recently started EV charger production in the local factory to meet customer demand and increasing its international sales and customer support team in the Nordic countries. VOOL is also continuing the development of new products to implement its three-phase technology in households.

“Currently, you still have access to only a fraction of the full capacity of the grid, even though the whole of Europe is connected to three phases of electricity,” said the co-founder and CEO of VOOL, Juhan Härm. “We use all three phases and automatically switch between them when needed. This way, we can offer reliable and sustainable automatic charging. We just recently started serial production and the first chargers have now been sent out to customers,” said Härm.

Saves up to 90% on charging needs 

Founded by Juhan Härm, Sander Vahtras, and Hindrik Kilter in 2019 in Tallinn, Estonia, VOOL’s technology uses the existing grid three times more efficiently than average without causing an overload, providing reliable and cost-efficient charging for both business and private customers.

It is a complete EV charging solution offering reliable, smart, and cost-efficient charging for business and private customers, thus making the transition to green energy faster, more affordable and hassle-free. Enabling smart charging without major grid upgrades and helping to save up to 90% of the cost. The system is compatible with all cars, other chargers and software solutions.

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