South African startup Hohm Energy, which helps homeowners and businesses to go solar with accredited solar installers, product suppliers, and embedded solar finance, has raised US$8 million in seed funding to help it scale.
Launched in 2021 by Tim Ohlsen and Emir Gluhbegovic, Hohm Energy has built its own proprietary software platform and marketplace that helps connect everyone in the solar energy value chain.
The startup leverages technology to tackle challenges in South Africa’s rooftop solar market, streamlining the design, scheduling and procurement process for installers, and enhancing accessibility for buyers, mitigating delays, installation flaws, compliance risks and financing obstacles.
It has now raised US$8 million in seed funding in a round led by E3 Capital and 4DX Ventures, and also featuring Breega, E4E Africa, TO.org, Tekton Ventures, Sunu Capital, Musha Ventures, and Climate Capital Ventures.
Hohm Energy will use the funding to accelerate the adoption of rooftop solar in the region by investing in its new cutting-edge climate fintech strategy, additionally bolstering its tech, product innovation and solar installer skills development to make rooftop solar more accessible, trusted and affordable for everyone. The startup has already generated over 17,000 custom solar rooftop designs worth US$190 million using its solar proposal engine, originating over US$90 million in finance applications to its retail banking partners.
For solar installers, Hohm Energy provides them with the opportunity to gain trust and also effectively design, manage, finance and procure their solar projects. Hohm Energy customers can have their properties’ solar energy requirements determined digitally and effectively through the platform and they get access to credit financing and an order and fulfilment process that extends to after-sales services including repair and maintenance.
The company has struck partnerships with the majority of South Africa’s retail financial institutions, such as Investec, Nedbank, MFC, FNB, Wesbank and Capitec, meaning customers have access to the platform’s finance and credit scoring process to secure structured financing from these institutions. Additionally, Hohm offers a solar subscription service to South African households, powered by Glint, making solar more accessible than ever before with an all-new digital solar purchasing experience.
“The energy system in South Africa is broken. Climate-tech is key to solving the current challenges through the provision of a scalable and sustainable alternative. Our robust software platform and fintech marketplace, which enables us to offer value to all stakeholders, is pivotal in enhancing the efficiency of rooftop solar installations and ultimately mitigating the severity of load-shedding being experienced. We are honoured to be collaborating with renowned global investors who share our passion and vision and are helping us achieve our mission on a larger scale,” said Tim Ohlsen, CEO of Hohm Energy.
Vladimir Dugin, senior partner at E3 Capital, said he was “thrilled” to invest in Hohm Energy.
“With its tech-driven approach, Hohm is at the forefront of South Africa’s green energy revolution. The team is uniquely positioned to create a “one-stop shop” for all green solutions for residential customers and address existing challenges around energy supply,” he said.
Peter Orth, managing partner at 4DX, said he strongly believed in Hohm’s mission to drive rooftop solar adoption across South Africa and beyond, and had seen similar businesses thrive in a number of markets globally.
“We believe Hohm is best positioned to bring this solution to South Africa where it is sorely needed given the state of the electric grid, and are thrilled to be backing Tim and his team at this stage of their journey,” he said.
Following the investment, the company will also be launching the Hohm School programme, designed to train and empower local solar installers, through the Hohm Energy Standard for Solar Systems Installations (HESSSI), across the country.
Source: disruptafrica.com
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