Cookies Policy

To provide you with a better experience, InvestPorto, in collaboration with a number of partners, uses cookies on this website, which allow the personalization of content and advertising that is shown to you.
By continuing to use our website without changing your settings, we assume that you accept the use of cookies. Change Settings

Accept selected cookies Accept all cookies

Porto-based Bandora Raises €1.5 Million

The startup, incubated at UPTEC, aims to "multiply its revenue tenfold" this year. It is hiring and plans to grow its team from 12 to 23 employees by the end of the year.

Porto-based Bandora Raises €1.5 Million
ECO · 25 Jul 2024

Bandora has closed a €1.5 million funding round to energize its expansion project, which helps digitally transform buildings, making them 100% autonomous. In two years, they aim to have 600 buildings optimized with their solution and enter "new markets in Europe and Latin America." The Dominican Republic and Colombia are new targets. This year, the ambition is to "multiply revenue tenfold."

"The capital raised now will significantly scale all our operations without compromising the quality of our innovative HVAC management and control optimization service, which is Bandora's biggest differentiator. Until now, our focus was on researching and developing the solution. We have gathered at Bandora the top specialists in Artificial Intelligence (AI), Building Energy Simulation, and Automation and Control, whose intellectual property is protected," says Márcia Pereira, CEO of Bandora, to ECO.

Led by BlueCrow Capital, with participation from Portugal Ventures, this round brings the total amount raised from private venture capital funds to €1.6 million.

"The new funding will be used to strengthen and grow our sales, marketing, and operations teams, ensuring that Bandora will be ready for the future maturity phase," emphasizes the startup's CEO, who won the local phase of the 5th Zurich Innovation Championship in April.

The new capital injection will also be applied to research and develop "solutions addressing new market segments, such as residential, but also other existing energy systems in buildings, such as lighting, renewable energy, and electric vehicle charging."

Operationally, the goals are already set. In two years, the startup wants to reach 600 buildings optimized with its solution, 150 of which are already contracted. In addition to growing the teams, this investment will also facilitate the establishment of strategic partnerships, which will allow for high commercial and technological reach," points out Márcia Pereira.


To increase this reach, the startup plans to create the Bandora Academy
. This is designed "especially for partners, agents, and resellers who want to disseminate Bandora to their end clients and grow with us."

Electric utility operators, telecommunications companies, energy consultants, real estate groups, and IoT solution integrators in buildings are some of the current clients/partners of the startup. "We are confident that the Academy will be one of the key pieces for our expansion, both in Portugal and internationally," says the CEO.


Read the full article here

WhatsApp
Hello! How can we help you?