Sofdesk, a Montreal startup that builds software for solar panel and roofing installers, has raised a $3 million series A round from EnerTech Capital.
— Sofdesk (@sofdesk) February 22, 2017
— CVCA (@CVCACanada) February 23, 2017
BDC Capital‘s ICE Venture Fund also joined the round.
Founded in 2013, Sofdesk’s technology helps reduce costs for solar installation and roofing businesses. It’s also developing solutions for the insurance and utility sectors. Per PE Hub’s Kirk Falconer, the company will use the cash to expand their platform in target markets and grow their team.
“We are thrilled with the traction that Sofdesk has gained in such a short period of time and I believe that with this recent round of financing, our ability to grow the company will increase significantly,” said CEO Lennie Moreno. “The innovative mix of our unique sales acceleration solutions, combined with a highly talented team and experienced value added investors EnerTech & BDC Capital, Sofdesk will be well positioned for growth.”
Residential solar projects are known to take “hundreds of man-hours of effort: sales, marketing, financing, design, procurement, installation and operations tasks all performed by stakeholders across multiple companies.” Sofdesk addresses these costs by reducing customer acquisition costs and installer overhead. It also facilitates the sourcing of financing options.
“We are pleased to back this young, innovative and very entrepreneurial team. With limited capital to date, they have demonstrated the ability to grow their business and have built a customer base of over 617 solar installers and have developed a strong positioning of their software products in multiple markets,” said EnerTech’s Hunter.
EnerTech’s managing director Wally Hunter will join the company’s board.
The company has been known to come up with some clever videos to get their point across. Here’s one, in which employees are forced to wear diapers to work.
EnerTech Capital invests in companies that offer products or services revolving around energy consumption. Founded in 1996, the firm has managed approximately $500 million and has delivered over 35 exits. EnerTech Capital is currently investing out of its fourth fund and has offices in Philadelphia, Toronto, Montreal, Calgary and San Francisco.