The installation of solar panels in Spain is experiencing a real boom. Supported by favorable regulation and the high prices of traditional energy, photovoltaics is now presented as a cheap solution for home consumption, especially for single-family homes.
In this context, the startup Sunhero is gaining ground in the sector. The company, founded in 2021, has just raised ten million euros to accelerate its growth in Spain. Funding comes from various venture capital funds: Planet A and Vorwerk Ventures, as well as Redstone, and the investors who launched the company at its inception, Speedinvest and All Iron Ventures.
“We are going to invest the money in consolidating our position in the Spanish market, where we have already carried out a thousand installations. We will also invest in software development and expanding our product line with electric vehicle chargers,” says Christopher Cederskog, co-founder of the company with Stefan Braun.
The entrepreneurs, from Germany, decided to found the company in Barcelona because of the business opportunity they saw in the local market, as well as the city’s ability to attract foreign talent.
Currently, Sunhero employs about a hundred people and this year it plans to hire about 80 more.
“With this plan, this year we are going to quadruple the income of five million that we registered in the year 2022,” says Cederskog, who maintains the majority of the property together with Braun.
As a result of the investment in growth, the company has not yet made a net profit. “We hope to obtain it in 2024 or 2025, when we will have already carried out our internationalization in Italy and Portugal”, predict the entrepreneurs.
