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Heat pump company Aira raises €145m 

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.

Related stories:

Aira launches in the UK27 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 investment22 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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