Newcastle, UK | June 26, 2024 — Kavaken, a Software as a Service (SaaS) company that streamlines the operation, financing and insurance of renewable energy plants proudly announces the successful completion of its $1.1 million seed round financing. This round marks a significant milestone for the company as it propels forward its mission to go beyond the industry norms using data from individual assets to benefit stakeholders in the global renewable energy sector.
Kavaken attracted investment from prominent venture capital firms, with notable participation from Vestel Ventures, Rockstart, Norrsken Accelerator, Founderone and 2040 Ventures, as well as existing investors including Bogazici Ventures, Re-pie, and esteemed industry figures Yetik Kadri Mert, Olcayto Yigit and Samuel Jaudel.
Bora Tokyay, Co-Founder and CEO of Kavaken, expressed enthusiasm about the company's latest achievement, stating, "This successful funding round underscores the confidence investors have in Kavaken's vision to revolutionize the renewable energy sector through a scalable and individualized approach to assets. With this support, we are well-positioned to further develop our platform and expand our presence across the UK and Europe."
Murat Yilmaz, Co-Founder and COO of Kavaken, emphasized the transformative potential of the company's platform, stating, "Our goal at Kavaken is to drive efficiency and sustainability across the renewable energy sector. This investment will enable us to accelerate our efforts in product development and expand our footprint, ultimately facilitating the transition to a cleaner, more sustainable energy future."
Oner Tekin, General Manager of Vestel Ventures, shared his perspective on the investment, stating, "We have been investing in startups, forming international partnerships, and growth areas for many years in line with Zorlu Holding's and Vestel's vision of steering innovative technologies . As a part of this vision, we are pleased to announce our partnership with Kavaken, which we believe will create a significant synergy with Zorlu Holding’s subsidiary Zorlu Energy's position in the renewable energy sector. Kavaken's innovative approach to asset-specific optimization aligns perfectly with our vision for driving impactful change in the renewable energy sector, one turbine at a time. Therefore, we believe that our investment will play an accelerating role in Kavaken's growth.”
Max ter Horst, Managing Partner of Rockstart Energy, also commented on the investment, saying, "At Rockstart, we are committed to supporting disruptive technologies that have the potential to reshape the energy landscape. Kavaken's unique platform holds immense promise for transforming how renewable energy plants are managed, financed and insured, and we are thrilled to be part of their journey."
Headquartered in Newcastle, UK, Kavaken is strategically positioned at the forefront of innovation in renewable energy asset management. With the support of its investors, the company is poised to scale its operations and drive positive impact across the industry.
The proceeds from the seed round will primarily be allocated towards expanding Kavaken's presence in the UK and European markets, as well as advancing product development initiatives to further enhance the company's offering.
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For media inquiries, please contact:
Ihsancan Ozpoyraz
Email: ihsancan@kavaken.com
About Kavaken:
Kavaken is a leading provider of Software as a Service (SaaS) solutions for the renewable energy sector. Through its innovative platform, Kavaken is reshaping the way renewable energy plants are operated, financed, and insured, making asset management effortless and efficient. Headquartered in Newcastle, UK, Kavaken is committed to driving sustainability and empowering stakeholders in the renewable energy ecosystem.
