Funding

[Funding alert] Stockholm-based Aira Secures €145M in Series B Round Funding

Jan 16, 2024 | By Startup Rise EU

Stockholm-based Aira secures €145M in series B round funding with leading climate tech investors from Europe, the US and Asia. The financing was significantly oversubscribed and upsized from its initial €85 million target. The transaction was led by Altor, Kinnevik and Temasek.

Stockholm-based Aira secures €145M in series B round funding with leading climate tech investors from Europe, the US and Asia. The financing was significantly oversubscribed and upsized from its initial €85 million target. The transaction was led by Altor, Kinnevik and Temasek.

The equity funding will allow Aira to further accelerate the electrification of residential heating in Europe to enable European households to reduce their energy bills, to drive decarbonisation, and to reduce dependency on imports of natural gas.

Read also - Slovakia-based Internet Safety Startup Elv.ai Secures €500,000 Funding

The Series B round was led by Altor, Kinnevik and Temasek and also includes the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments and Statkraft Ventures.

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Aira was originally founded by Vargas and subsequent growth financing included a Series A financing of €35 million from a group of investors including Vargas, senior management, a broader group of committed employees, and related individual investors.

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The new capital will further spearhead Aira’s ambition to take Europe off gas. There are still 130 million fossil fuel-based boilers in use and consequently, residential heating is the third-largest source of CO2 emissions, representing 10% of Europe’s total CO2 emissions.

By switching from a gas boiler to an air source heat pump with Aira’s innovative and accessible, clean energy-tech solution, consumers can reduce their household heating costs by up to 40% and CO2 emissions by 75%, rising to 100% if fossil-free energy is used as the source of power for the heat pump.

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The funding will accelerate Aira's strategy to drive electrification of residential heating in Europe to significantly drive decarbonisation and reduce energy consumption by facilitating further investments in:

Continued rapid market expansion across Italy, Germany, and the UK, supporting Aira’s goal to serve five million European homes with clean energy-tech solutions over the next decade.

Advance Aira’s commercial proposition by introducing an affordable monthly payment model, making home energy solutions accessible to European homeowners.

Read also - Berlin-based Startup Pliant Raises €8 Million in Series A Round Funding

Martin Lewerth, Aira Group CEO, says: "We are thrilled to welcome our new shareholders. Above and beyond the funding, they bring invaluable strategic insights, networks, and expertise. Together, we are committed to spearheading the much-needed green revolution in residential heating. The completion of our Series B funding makes us well capitalised and ready to accelerate our pan-European platform expansion, significantly reducing both heating bills for households and carbon emissions across Europe.”

About Aira

Aira provides clean energy-tech solutions to consumers and is set to become Europe’s number one direct-to-consumer brand within the industry. Aira accelerates the electrification of residential heating with intelligent clean energy-tech to enable the net zero future they all need.

Read also - Groningen-based QDI Systems Secures €5 Million in Series A Round Funding

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