Wattnow, a startup specializing in energy management systems, has announced the closing of a multi-million dollar funding round. The investment round was led by Lateral Frontiers and 216 Capital, with notable participation from Outlierz Ventures, Satgana, Octerra Capital, and a group of strategic investors, including Karim Beguir, founder of InstaDeep, and Guillaume Amblard. A major climate-tech fund in Africa is expected to join the round shortly. To date, the company has raised in excess of $10 million, Launch Base Africa has learned

Founded in 2018 by Issam Smaali, Wattnow addresses the growing need for efficient energy management amid rising energy prices and global carbon emission reduction efforts. The company’s innovative solution provides businesses across various sectors with the tools to optimize energy consumption, reduce costs, and minimize their carbon footprint. Utilizing AI and real-time data analytics, Wattnow’s platform enables businesses to monitor and analyze their energy use in real-time, delivering actionable insights to enhance efficiency and sustainability.

The energy management sector is poised for significant growth, driven by a 3.3% recovery in global electricity demand and a projected tripling of the energy management systems (EMS) market to $117.8 billion by 2025. Wattnow is strategically positioned to capitalize on this expansion, particularly in its primary markets in Europe and the Middle East and Africa (MEA), where the market size was estimated at $11.77 billion and $1.68 billion, respectively.

Investor Contributions:

• Lateral Frontiers: Known for its expertise in supporting high-growth companies in Africa, Lateral Frontiers will provide valuable strategic insights to support Wattnow’s expansion. Their investment underscores a commitment to backing startups that address global challenges with innovative solutions.
• 216 Capital: Focused on technology enterprises, 216 Capital supports Wattnow in its mission to transform the energy sector.
• Outlierz Ventures: Specializing in early-stage startups in Africa, Outlierz Ventures offers essential support and expertise to help Wattnow effectively grow in emerging markets.
• Satgana: With a strong commitment to social and environmental impact, Satgana aligns with Wattnow’s vision for a sustainable energy future.
• Octerra Capital: Experts in financing innovative and scalable technologies, Octerra Capital will enhance Wattnow’s ability to deliver cutting-edge energy management solutions.

Wattnow’s IoT solution combines hardware and software to offer advanced features such as fault and anomaly alerts, detailed reporting, and in-depth energy usage analysis. Additionally, it provides predictive recommendations for maintenance and cost optimization. These capabilities enable businesses to achieve significant operational cost savings, reduce their carbon footprint, and enhance productivity, helping them reach their sustainability goals more swiftly and effectively.

Industry Impact and Global Reach

Wattnow’s innovative platform is already delivering substantial value to key clients across both public and private sectors. It is deployed in a wide range of industries, including municipalities, automotive and aerospace, telecommunications, manufacturing, oil and gas, construction, and retail. Wattnow has successfully established a presence in over 11 countries, providing significant value to clients in key markets across Europe, the Middle East, Africa, and North America.

Clients have reported significant savings and improvements in operational efficiency, and Wattnow’s solution has been seamlessly deployed in various regions without requiring a local presence. This demonstrates the platform’s competitiveness, the added value of its offerings, and its ease of deployment.

“This funding round represents a major milestone in our journey,” said Issam Smaali, CEO of Wattnow. “With the support of our investors, we are well-positioned to expand our global presence, refine our technological offerings, and continue helping our clients advance towards a more sustainable future. The fact that our major clients, initially onboarded in Tunisia, are now deployed across multiple continents highlights the global appeal and effectiveness of our solution.”

Wattnow’s ability to seamlessly integrate its IoT devices and software into existing operations makes it a preferred partner for both large enterprises and SMEs in emerging and developed markets. With a solid value proposition, competitive product, and unwavering commitment to quality, Wattnow has successfully attracted significant funding to support its international expansion.

Udoh Charles

Charles has carved a niche at the forefront of Africa’s booming tech scene. With years of experience, Udoh has become a go-to expert for multi-million dollar deals in venture capital, private equity, and intellectual property across a vast landscape — from Delaware and New York to Singapore and South Africa. But his expertise extends beyond just the legalese. Udoh is also a corporate governance, data privacy, and tax whiz. An award-winning writer and researcher, he’s passionate about chronicling Africa’s startup story, cementing his position as a true pioneer in the field.