Finnish startup Cactos, which develops distributed energy storage systems based on batteries, has secured €7 million in funding, backed by Superhero Capital and Union Square Ventures (USV).
- Cactos was founded in 2021 by Olli Nuutila, Sampo Ahola, and John Graham. The company focuses on creating distributed energy storage systems that use batteries to help businesses and properties manage their energy consumption.
- Cactos' energy storage units, such as Cactos One, automatically manage energy use and provide backup power without requiring active input from the user. They are designed to operate 24/7, ensuring reliable access to affordable energy.
- The startup also provides Cactos Spine, a software platform that gives users real-time insights into energy usage and system performance, helping businesses and property owners optimize energy consumption without managing the technical details.
Details of the deal
- The funding round was led by Union Square Ventures, a New York-based VC managing over $1 billion across seven funds, and Superhero Capital, a Helsinki-based VC that recently raised €50 million for its fourth fund to support founders in Finland and the Baltic region.
"At Superhero Capital, we spotted Cactos’ superpowers early on: a fully integrated energy storage solution that doesn’t just sit around — it works, optimizes, and leaps into action when the grid needs a sidekick! Now, with this power boost, they’re ready to take on Sweden, the Nordics, and beyond," Superhero Capital's team commented.
- The fresh capital will enable Cactos to expand beyond Finland, scale its energy storage technology, and grow globally.