Spanish solar crowdfunder Fundeen raises EUR 1.2m in funding round

Spanish crowdfunding platform Fundeen, which enables citizens to invest in renewable energy projects for as little as EUR 500 (USD 591), has raised EUR 1.2 million in a funding round supported by the state and the private sector.

The Institute for Diversification and Saving of Energy (IDAE), a Spanish government agency that reports to the ministry for the ecological transition, corporate group Grupo Enhol alongside other private investors participated in the round, Fundeen announced.

The capital injection will enable the platform to offer new investment products to attract both investors and project promoters, Fundeen’s founding siblings, Adrian and Nacho Bautista, said.

The new investment products will allow Fundeen not only to continue financing the equity of projects of up to 10 MW, but also offer a long-term junior debt product for both small and high-generation projects, the brothers added.

The start-up, founded in 2017, has so far succeeded in financing ten projects, raising more than EUR 2 million through small community contributions, Nacho Bautista said.

All of the supported projects thus far have been solar PV, two in France and eight in Spain, some of them raising money in about an hour from being offered, according to Fundeen’s website.

(EUR 1.0 = USD 1.182)

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