Estonian prop-tech startup Bisly has closed a Series A funding round totalling €6.2 million to further develop their smart building automation solutions and fuel expansion into new markets.
The new investors include Foxway founders Urvo Männama and Paul Padrik, who join Aconterra, SmartCap Green Fund, Pinorena Capital and several angel investors who invested in the company via convertible instruments last year.
This funding round will be directed towards Bisly’s plans for expansion throughout Europe, especially Germany and the United Kingdom, where the company has already opened offices and started courting high-profile partnerships.
Former Chief Operating Officer Ants Vill has been appointed CEO to spearhead these growth efforts. Before Bisly, he facilitated scaling efforts as COO and then CCO at Skeleton Technologies, a global leader in supercapacitors and batteries.
“This funding round enables us to do two things simultaneously: expand into new markets while continuously innovating our product range in such a way that we continue to set the newest industry standards,” said Ants Vill, Bisly CEO.
“In addition, we are convinced of Bisly’s potential in our generational mission to combat climate change. Its emissions reducing systems are a much-needed partner to advances in clean energy production elsewhere. We’re thrilled to have forward-thinking investors who feel the same,” he added.
GOOD TO KNOW
According to the European Commission’s Energy Performance of Buildings Directive, around 40% of all the energy consumed in the EU is used in buildings. In addition, 85% of all buildings in the EU were built prior to 2000, and 75% of those buildings have poor energy performance. Such a large stock of older, energy-inefficient buildings presents a serious challenge to the EU’s next set of climate goals, and underscores the need for smart building solutions.
Bisly expects to deepen its presence across Europe by 2025 before setting its sights on the US. The startup intends to extend the success already achieved in the Estonian home market and become the go-to solution for builders and construction projects globally.
“Bisly is in an excellent position, and it has the team capable of rising to the occasion. The global intelligent building market is expected to hit $148 billion by 2027. That, together with ESG measures growing stricter in order to meet the EU’s carbon neutrality goals, mean there is virtually no limit for how far a practical solution like Bisly’s can go,” said Urvo Männama, co-founder at Foxway.
“Having proven their expertise in Estonia, Bisly is well-positioned to meet the increasing global demand for smart building technology. Their advanced solutions and strong team make them well-equipped to drive significant reductions in the carbon footprint of buildings worldwide, contributing to broader climate change initiatives,” added Robert Martin at SmartCap.
Are you interested in trading with Estonia? Enterprise Estonia is providing sourcing services for foreign enterprises. Contact Estonian export advisors or use our free e-consulting service to start trade with Estonia.
