The start-up Eldo has just completed a new round of financing of €6 million. This round of financing was carried out with several investors: Sofiouest, Grand Sud-Ouest Capital, the historical investors IRDI and M Capital, and industrial clients.
The start-up’s ambition is to become the leading European platform for digital solutions for professionals, brands and consumers in the home improvement sector.
Thanks to this transaction, Eldo will strengthen its R&D projects around its SaaS marketing solution and reinforce its internationalization.
With more than 100,000 reviews and photos collected via a process certified by AFNOR (French certification agency), Eldo has become the leader in customer reviews for the construction industry in France, which was the goal of the previous €3 million fundraising round completed in 2019.
Today, the start-up completes a second round of financing for €6 million raised from historical investors IRDI and M Capital, as well as from new partners Sofiouest and Grand Sud-Ouest Capital. Two of Eldo’s industrial clients also participated: the WECK Group and Unikalo.
Patrice Hutin, Chief Executive Officer of the investment company Sofiouest explains his choice to invest in Eldo:
“The energy renovation and home improvement sector are key issues in France and Europe. Eldo is a major player in the market and is one of the partners supporting the digital transition of construction professionals, enabling them to meet the new expectations of brands and individuals”.
With this new round of financing, Eldo wishes to accelerate the creation of its super-app for the professionals and brands and will focus on two goals :
– Continue to enrich its solution by developing new functions, creating partnerships and connections with the main software of the sector to improve the daily life of the professionals and the accompanied brands.
– Continue and expand its European growth. Already live in Belgium and Switzerland with its partner Murprotec, Eldo’s ambition for the next 5 years is to continue its development in Europe by opening to its neighboring countries, in order to become the reference tool for construction professionals.
With 55 employees throughout France, Eldo works with more than 2,500 professionals and 60 national and international manufacturers and brands in the sector, such as SOMFY, Schneider Electric, Ariston, Treppenmeister, Veka, SEGUIN and also Profils Systèmes.
Jean-Bernard Melet, CEO of Eldo, comments:
“Thanks to this new round of financing, we aim to confirm our leadership position in France, but also and above all lay the foundations for our future ambitions: to conquer the European markets. In the upcoming months, this will certainly include some interesting external growth projects.”
Residential renovation is a key ecological challenge in Europe. By 2050, Europe will have to be climate neutral, yet housing uses 40% of the energy produced and generates 36% of greenhouse gas emissions. Buildings are the largest energy consumer in Europe and more than 30 million building units in the EU have an excessive energy consumption (at least 2.5 times higher than the average building – source European Commission, European Green Deal). If today Eldo wishes to accelerate its development, it is also to support the 3.5 million companies and 5,000 manufacturers to face an ever growing and complex demand around the theme of energy renovation.
“What motivates us is to accelerate the deployment of this comprehensive energy renovation among individuals, by providing the best possible tools to craftsmen and manufacturers so that they can respond better and faster to demand. Because demand remains very high despite the many crises facing the sector,” says Jean-Bernard Melet.