Solartech startup Aerem raised $5 million in Pre-Series A led by climate-tech investor Avaana Capital where Blume Ventures also participated along with debt financing of $1.5 million from financial institutions.
The new funding will be used to expand the startup’s suite of innovative solartech and financing solutions. It also intends to create an ecosystem that will bring together all stakeholders, including financial institutions, engineering, procurement, and construction (EPC) firms, and small and medium-sized enterprises (MSMEs), in order to enable end-to-end solutions for rooftop solar projects.
Aerem assists MSMEs in harnessing the power of solar energy and lowering their electricity costs by up to 70%. The startup installs rooftop solar systems through its network of installers. It also makes loans available through its own Non-Banking Financial Company (NBFC) and partner banks.