Norvestor acquires a majority stake of angel-accelerated water efficiency startup Envera
March 15, 2021
Finnish startup Envera Oy, known for its SaaS service Smartvatten (Fiksuvesi), was recently acquired by Norwegian private equity fund Norvestor, providing an exit to FiBAN angel investors.
Envera Oy is a hardware-enabled SaaS company providing its customers with a complete solution for real-time monitoring and reporting of water consumption in buildings. Envera is on a steep growth curve as property owners and housing companies look for new solutions to improve water usage efficiency and prevent leakages.
The IoT-based water consumption service is already used by over 7000 properties in Finland, Sweden, Norway, and the Benelux countries, helping their customers save in water bills and reduce their climate footprint. Envera employs 40 people in Espoo, Finland, Stockholm, and Amsterdam.
Through the acquisition signed at the end of February, Norvestor will become the majority owner with a 60% stake, with management, employees, and Taaleri’s Circular Economy fund retaining the remaining ownership. Angel investors exiting from the startup include Ali Omar, Henry Nilert, and Martti Suomela.
Norvestor’s partner Per-Ola Baaleruud tells that Envera’s growth potential is boosted by the increasing requirements for social responsibility.
“Smartvatten is making it easy for customers to reduce their water consumption and climate footprint. We are happy to get to help this Finnish startup to serve its customers even better and to scale fast”, says Per-Ola.
Ali Omar, one of the angel investors behind the company’s journey this far celebrates the acquisition:
“I want to thank the founders Henri Kajula, Matti Nevala, and Joe Hamari for building a wonderful Finnish internationalizing growth company and for the successful results of their long-term work. I also thank CEO Jussi Niiniaho, and Tero Luoma from Taaleri for warmly welcoming us angels to join Envera’s journey.”
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