Heat pump company Aira raises €145m
16th January 2024
SWEDEN: Subscription-based heat pump company Aira has announced the completion of a €145m Series B financing round with leading climate tech investors from Europe, the US and Asia.
The financing was significantly oversubscribed and upsized from its original €85m target.
In total, Aira has now secured €195m in equity funding and grants since its launch last year. The direct-to-consumer business, which offers heat pumps on a monthly subscription, has now launched in Germany, Italy and the UK.
The latest transaction was led by Altor, Kinnevik and Temasek and also includes the Burda family, Collaborative Fund, Creades, Lingotto, Nesta Impact Investments and Statkraft Ventures. Aira was originally founded by Vargas and subsequent growth financing included a 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 addition to the equity funding, the Polish government granted Aira €15m for the establishment of a 55,000m2 manufacturing facility in Wroclaw. Production is due to begin there in the first half of this year.
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