Wattnow, a Tunisian startup specializing in smart energy management, has secured an undisclosed amount of funding to support its plans for global expansion.
The new funds will help Wattnow enter new markets and improve its services, which assist businesses in adopting sustainable energy solutions.
The funding round was led by Lateral Frontiers and 216 Capital, with contributions from Outlierz Ventures, Satgana, Octerra Capital, and several angel investors, including Guillaume Amblard and Karim Beguir, founder of InstaDeep.
InstaDeep, a Tunisian AI startup acquired by a biotech company in 2023, has also invested in other Tunisian startups like Clusterlab in March 2024.
Issam Smaali, Wattnow’s CEO, described the funding as a major milestone. He noted that key clients who started with Wattnow in Tunisia are now using their solutions around the world, proving the global demand and success of their technology.
Founded in 2018 by Smaali, Wattnow offers energy management solutions that include hardware and software for monitoring energy use in real-time, automating controls, and providing alerts for issues. The company serves various industries such as automotive, aeronautics, telecommunications, banking, oil and gas, construction, and retail.
In March 2022, Wattnow raised $1.3 million in pre-Series A funding. In 2022, cleantech startups in Africa secured $863 million in equity funding, trailing fintech and accounting for 18% of all tech investment on the continent.
Climate tech funding has also seen significant growth, rising from $340 million in 2019 to $1.1 billion in 2023. In August 2024, the African Development Bank (AfDB) announced plans to invest $10 million in the KawiSafi II Fund to support African startups focusing on renewable energy and climate solutions.
This increase in investment highlights Africa’s shift towards renewable energy, a trend that Wattnow is benefiting from. Other climate tech startups, such as Nigeria’s Arnergy and Kenya’s Bio-Logical, have also recently secured funding.
