Tunisia-based cleantech startup Wattnow has secured a multi-million dollar funding round, with the investment led by Lateral Frontiers and 216 Capital. Other participants in the round include Outlierz Ventures, Satgana, Octerra Capital, and a number of strategic angel investors, such as Karim Beguir, the founder of InstaDeep, and Guillaume Amblard.
Founded in 2018 by Issam Smaali, Wattnow offers companies advanced energy management solutions through a combination of plug-and-play hardware and software. The fresh capital will support the company’s global expansion efforts and further enhance its technology.
In 2022, Wattnow successfully raised $1.3 million in a pre-Series A round led by Katapult Climate and 216 Capital, with additional investors joining in. The recent funding, assumed to be a Series A, marks another significant milestone for the Tunisian startup.
Wattnow provides IoT-based smart energy management solutions that help businesses monitor, control, and optimize their energy consumption. Its system enables real-time visualization of energy use, automation of certain processes, and alerts when issues arise. The data gathered from smart sensors is analyzed using machine learning, with the results displayed on a cloud-based dashboard. This detailed reporting gives companies valuable insights and analytics to manage their energy usage more efficiently.
Wattnow’s innovative platform has already gained traction among a variety of industries, serving both private and public sector clients, including those in municipalities, telecommunications, automotive and aeronautics, banking, construction, oil and gas, and retail. Although Wattnow has had limited international exposure, it has successfully provided value to clients across 11 countries, including key regions in Europe, the Middle East, Africa, and North America.
CEO Issam Smaali expressed excitement about the recent funding round, stating, “This investment marks a significant milestone for us. With the backing of our investors, we are well-positioned to expand globally, improve our technology, and help clients transition to more sustainable energy practices. The fact that our solutions, first implemented in Tunisia, are now being used across multiple continents highlights the global relevance of our platform.”
