Tunisian startup Wattnow has reached a pivotal moment in its journey by securing investment from Lateral Frontiers VC. This funding not only represents a major achievement for Wattnow but also highlights the increasing significance of cutting-edge energy management solutions in the global battle against climate change.

Company Background

Founded in 2018 by Issam Smaali, Wattnow has rapidly established itself as a pioneer in the energy management space. Smaali, leveraging his experience from a telematics startup, initially focused on residential energy management before pivoting to serve the more lucrative corporate and enterprise market.

Innovative Solution

Wattnow has developed a sophisticated IoT energy management system that combines hardware and software components. This solution enables businesses to visualize and analyze their energy consumption in real-time through an intuitive dashboard. The platform offers critical features such as alerts for faults or anomalies, historical analytics with in-depth reports, and predictive maintenance recommendations to optimize energy usage and costs.

Market Opportunity

The investment comes at a time when energy management is becoming increasingly critical. With global electricity demand projected to rebound by 3.3% and energy wastage costing UK companies alone £30 billion in 2022, Wattnow's solution addresses a pressing need. The global Energy Management System market, valued at $39.89 billion in 2018, is expected to grow threefold to $117.8 billion by 2025, presenting a significant opportunity for Wattnow.

Impressive Traction

Despite being early in its journey, Wattnow has already made significant strides. The company has deployed its solution across 500 sites spanning four continents, serving high-profile clients such as Carrefour, Marriott, Orange, and Safran. This global presence demonstrates Wattnow's potential as a multi-market business with applications beyond Africa.

Investor Perspective

Lateral Frontiers VC, known for investing in African companies solving global problems, was attracted to Wattnow's vision and execution. The venture capital firm was particularly impressed by the startup's proprietary IoT solution, which provides a strong advantage in developed markets. This investment represents Lateral Frontiers' fourth hardware investment, with a fifth one reportedly closing soon.

Future Prospects

With this new funding, Wattnow is well-positioned to expand its operations and further develop its technology. The company aims to lead the charge in energy efficiency and sustainable growth, supporting enterprises both in Africa and globally to meet their net-zero emission targets.

The investment in Wattnow by Lateral Frontiers VC represents more than just a financial boost for the company. It signifies growing confidence in African startups developing solutions for global challenges, particularly in the critical area of energy management and sustainability. As Wattnow continues to innovate and expand, it has the potential to play a significant role in shaping the future of energy efficiency across multiple continents.