Hohm Energy, a South African startup focused on solar energy installations, has acquired an $8 million seed to expand its solar installation business.
4DX Ventures and E3 Capital organized the seed funding, which now stands as the largest seed round in South Africa.
Hohm Energy is a company that allows solar technicians to manage solar projects, which include designing, financing, and purchasing. On the other hand, Hohm Energy offers to their customers a digital directive on which requirements their homes or other properties need for a rooftop solar installation.
In addition, if the customer does not have the necessary finance for the installation, then the company will provide a credit financing means to fulfill the goal.
Established by Emir Gluhbegovic and Tim Ohlsen in 2021, Hohm Energy is said to have generated over $190 million in over 17,000 custom solar rooftop designs. That and $90 million in applications to finance the installation of the designs.
In terms of financing, Hohm Energy is taking the bold step by collaborating with several South African financial institutions to ease the financial burden on their customers.
According to the company, the solar energy market in South Africa is growing but sometimes, the financial constraint on its customers tends to be the obstruction to growth.
Therefore, the partnership of Hohm Energy with financial institutions will serve as a means for customers to relieve themselves of the financial strain, in turn, driving more sales and installations of the rooftop solar devices.
The goal of the company, however, is to achieve over 7.7 million home installations by the end of 2024. Adequately, the $8 million seed will be used to develop product innovations, installation skills for its installers, and all-round tech development.
