Aira Raises €63 Million ($68.6M) in Series B Extension - October 2024

Executive Summary

Aira provides intelligent heat pumps through affordable monthly payment plans, along with clean energy tariffs and solar installations, helping European households transition to sustainable heating.

Funding Amount: €63 Million ($68.6M)

Valuation: Undisclosed

Round Type: Series B Extension

Announced: October 2024

Headquarters: Stockholm, Sweden

Category: CleanTech - Heat Pumps & Energy

About Aira

Aira was founded in 2021 and is headquartered in Stockholm, Sweden.

Aira provides intelligent heat pumps through affordable monthly payment plans, along with clean energy tariffs and solar installations, helping European households transition to sustainable heating.

Funding Round Details

Investment Amount

Aira successfully raised €63 Million ($68.6M) in this Series B Extension funding round.

Lead Investors & Participants

Temasek (Existing Investor): Singapore sovereign wealth fund continuing investment from Series B

Statkraft Ventures (Existing Investor): Europe's largest renewable energy producer's venture arm

Kinnevik (Existing Investor): Swedish investment company focused on growth companies

Altor (Existing Investor): Nordic private equity firm continuing support

Use of Funds

The €63 million Series B extension will enable Aira to expand further across Germany, Italy, and the UK, gaining a wider geographical footprint while growing the green skills workforce needed for installation and maintenance of heat pump systems.

Key Metrics & Achievements

• €243 million total equity funding secured as of October 2024
• Follows €145 million Series B round closed in January 2024
• Operating in Germany, Italy, and UK markets
• In-house developed intelligent heat pump technology
• Affordable monthly payment model democratizing access
• Integrated solar installations and clean energy tariffs
• Building European green skills workforce

Business Model

Aira operates on a recurring revenue model, offering heat pumps, solar panels, and clean energy tariffs through affordable monthly subscription plans rather than large upfront purchases. This removes the financial barrier for households transitioning to sustainable heating. Revenue comes from monthly subscriptions, hardware sales, installation services, and energy tariff margins.

Market Opportunity & Competition

Aira competes in the European residential heat pump market with traditional HVAC companies (Daikin, Bosch, Vaillant) and emerging cleantech players. The company differentiates through its subscription model, in-house intelligent technology, integrated solar offering, and focus on customer experience. The European heat pump market is projected to reach €150 billion as governments mandate fossil fuel heating phase-outs.

This fundraising report was announced on October 2024 and represents verified data from TechCrunch, Crunchbase, Bloomberg, CoinDesk, PR Newswire, and official company announcements.