Estonian cloud-based energy-saving solution Fusebox raises €2.6M
Tallinn-based platform Fusebox has raised €2.6M in its follow-on investment round from Estonian SmartCap, Czech Soulmates Ventures, and existing shareholders including Eneco Ventures (an investment arm of Netherlands-based energy group Eneco), and Poland’s bank PKO Bank Polski.
Founded in Tallinn in 2014 by Tarvo Õng, Fusebox has developed a SaaS solution that helps power utilities, commercial and industrial companies optimize renewable energy, storage, and consumption. The cloud-based platform can be integrated with existing systems, offering solutions for hybrid site management or scaling up to a Virtual Power Plant (VPP). Fusebox helps clients save up to 35% on energy costs, reduce energy imbalances by up to 95%, and increase revenue by up to 40% through optimized energy use and participation in the balancing energy market.
The startup will use the investment to accelerate its expansion across Europe, enhance its SaaS offering, and hire new talent. The current round follows a €2.5M investment provided by Eneco Ventures and PKO Bank Polski in December 2022.
SmartCap was established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. SmartCap manages two common closed-end alternative investment funds: SmartCap Venture Capital Fund and SmartCap Green Fund. The CEO of SmartCap is Sille Pettai.
