Telstra Ventures backs renewables software startup OpenSolar in $22 million series B

Australian-born US-based solar panel design and sales platform OpenSolar has raised US$15 million (A$22m) in a Series B.

Telstra Ventures led the round, announced last month, with support from sustainability fund 2150 and existing investors including Jeff Tannenbaum’s Titan Grove and solar entrepreneurs Alec Guettel and Howard Wenger.

The funds will be used to expand OpenSolar’s free-of-charge software for solar contractors. The design and sales platform connects them to more than 75 providers of hardware, finance and services and is used in more than 130 countries.

Cofounder and CEO Andrew “Birchy” Birch said OpenSolar’s total funding to date is now US$25 million.

“We started OpenSolar in Australia which is the most advanced solar market in the world, where you pay an extremely low price per watt and get your system installed within one to three weeks,” he said.

“With a leading position now in the Australian market, we’ve introduced much of that speed and efficiency to the rest of the world through our software.”

Birch said OpenSolar is becoming the number one choice for installers around the globe.

“OpenSolar’s mission is to achieve a world powered by sunshine by 2050. We are assembling the greatest team of technologists and customer experience specialists in the solar software industry, with the aim of helping contractors sell more solar – and we won’t stop until every compatible roof is generating clean energy to power the electrification revolution,” he said.

His cofounder and CTO Adam Pryor said the platform now supporting more than US$2.5 billion in annual system sales by contractors.

“The world’s transition to solar energy represents one of the greatest wealth creation opportunities in history, and our commitment to help local solar installers participate in that change is stronger than ever,” he said.

“This funding allows us to double down on developing an ever-expanding set of software tools that increase their growth and profitability. We look forward to providing greater levels of customisation, and new capabilities to help electrify homes and businesses.”

Pryor said OpenSolar has been independently verified by the US National Renewable Energy Laboratory as the world’s fastest and most accurate solar design tool

Telstra Ventures partner Albert Bielinko said they’re “extremely impressed” by OpenSolar

“The software significantly accelerates how installers can electrify the world. We are firm believers in this unique business model that’s free to the installer and also highly valuable to hardware and service providers,” he said.

“OpenSolar’s clients are raving fans who use their open platform to dramatically increase the number of installations they can perform. It lets them achieve more with less. OpenSolar has a product led growth motion, a truly global footprint and a delightful user experience. The company has an experienced team of all-stars with deep domain expertise who have shown they can execute.”

The company is now also planning to increase its global partnership, earning fees in exchange for connecting solar contractors to the products and service providers they need to run and grow their businesses.