Utrecht-based Soolutions, an online platform that provides EV charging equipment for homeowners and EV drivers, announced on Thursday, that it has raised €2M in funding through SeedBlink, the European co-investment platform.
Soolutions claims that the €2M funding includes €1.1M commitment from lead investors.
According to the Dutch startup, it benefits from this growth through the supply, distribution, and installation of charging stations, primarily at consumers’ premises. And to further scale up its business, the company has raised capital through SeedBlink.
Soolutions will use the funds to expand its platform reach, add new products and create even better services. With a strong position in the Benelux, the company claims to further expand in other European countries as well.
Offering a variety of EV charging products
Founded in 2019 by Joury de Reuver, Soolutions operates in the field of charging infrastructure for electric cars, conveying straightforwardly to buyers, but also through car dealers, leasing companies, energy companies, fleet managers, and installers.
The company’s focus is on making it simple to supply, distribute, and install charging stations at customers’ homes.
Since 2013, Soolutions has been operating as an online e-commerce website that serves customers in Europe and a few other countries.
“In 2019, we decided to facilitate the rapidly increasing need for supplying and installing charging stations, and related products and services, with an online market platform and sales tool like the Charge Wizard.”
Founder Joury de Reuver, says, “Now, public charging stations draw much attention in the electrification of cars, since in many countries they are still lacking. But it’s at home where charging normally takes place.”
“80-90 per cent of charging happens at home and around 30 per cent of homes can support a home charger. It pays off, therefore, to have a smart, tailor-made charging facility at home.”
“For instance, if you combine this with solar panels, an owner of an electric car can earn the costs of these panels back in two to three years. That is very exciting.”
“Soolutions offers consumers a full-service solution through our online platform, providing everything from advice, hardware, and installation to premium support,” adds de Reuver.
Over the last few years, the company has evolved into a full-scale service platform with over 350 business partners. These partnerships have led to an “impressive” growth in turnover, says Soolutions.
Investing in a growing market
In a statement, Soolutions mentions that by 2030, it’s evaluated that around 44 million cars will be driving on Europe’s streets. And with about 20 per cent of car sales being electric in 2021, the requirement for charging stations has grown quickly.
In order to meet the demand, capital will be required for building an entire modern charging infrastructure. For investors, this brings an opportunity: a sustainable investment in a fast-growing market, with a range of business possibilities.
Robbin Hoogstraten, regional manager of SeedBlink Benelux, says, “Soolutions offers a platform to address a pressing challenge: to provide charging capacity to the growing number of owners of an electric car.”
“They are a full-integrated service provider and have with their platform and growing number of business partners a business model they can scale up easily. This offers our investors very interesting possibilities,” adds Hoogstraten.
About SeedBlink
SeedBlink aims to help the European tech ecosystem grow as well as increase the risk-adjusted returns of investors.
Hoogstraten says, “SeedBlink wants to play a role in creating a truly European capital market that supports tech startups in the Netherlands and elsewhere in Europe. At the same time, the platform offers Dutch and other European investors a broad set of investment opportunities, where they can invest side-by-side with venture capitalists.”
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