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Aira sources further €63m investment

SWEDEN: Subscription-based heat pump company Aira has announced a further €63m investment.

The latest investment from existing backers – Temasek, Statkraft Ventures, Kinnevik and Altor – adds to the oversubscribed €145m Series B round co-led by Temasek, Kinnevik and Altor, which closed in January 2024.

Aira says that the equity funding will enable it to further accelerate the electrification of residential heating in Europe. This includes further expansion of the business across Germany, Italy and the UK. Additional products and services are also promised. 

Backed by Stockholm-based investment group Vargas, Aira was originally founded in 2023 on Series A financing of €35m from a group of investors including Vargas, senior management, a broader group of committed employees, and related individual investors. In total, Aira has secured €243m in equity funding. 

“With this extended funding, we are capitalising on our commercial momentum and accelerating the decarbonisation of residential heating,” commented Aira Group CEO Martin Lewerth. “This investment allows us to ramp-up our fully vertically integrated platform and expand our footprint across markets.”

Related stories:

Aira launches in the UK – 27 November 2023
UK: Swedish heat pump company Aira has now officially launched in the UK with a pledge to invest £300m in the next three years in its direct-to-consumer monthly subscription business. Read more…

Aira lands €86m heat pump investment – 22 October 2023
SWEDEN: Recently launched Swedish company Aira has raised €86m to finance the expansion of its pan-European sales model of direct-to-consumer heat pumps on a monthly subscription. Read more…

Aira launches in Germany and makes UK move – 5 September 2023
UK/GERMANY: In separate moves, Aira, the Swedish company with big plans for Europe’s air-source heat pump market, has launched in Germany and acquired a UK installer. Read more…

Manufacturer signs technology deal with heat pump start-up Aira – 25 June 2023
SWEDEN: Swedish heat pump company ES Energy Save Holding AB claims to have signed a technology agreement with Aira, the Swedish start-up offering heat pumps on a monthly subscription. Read more…

Aira is new challenger in heat pump market – 18 June 2023
SWEDEN: Stockholm-based investment group Vargas has announced its entry into the European heat pump market with Aira, a direct-to-consumer company offering heat pumps on a monthly subscription. Read more…

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