Wayra Hispam, the open innovation and corporate venture capital (CVC) arm of Telefónica Movistar, recently announced it added Solfium, a startup that is transforming access to solar energy, to its portfolio.
Along with its seed round, the company has raised $4.2 million with the participation of leading international funds such as Katapult VC, Propulia Capital, RaliCap, Redwood Ventures and Savia Ventures.
Solfium is a solar energy startup that, thanks to its innovative platform, is driving the transition to clean energy and the decarbonization of the value chain of large corporations.
Although the company is of Canadian origin, it currently operates in Mexico, its launch country, where it has developed a portfolio of world-class clients, including Coca-Cola, Scotiabank, Santander, Michelin and Mabe, which it has supported in the decarbonization of their value chains.
It is also actively collaborating with the state governments of Nuevo León, Querétaro, Puebla, Michoacán and others to drive the transition to cleaner and more sustainable energy.
“We are very excited to have Wayra as an investor in Solfium and to be part of its portfolio of leading technology companies in their sectors. Wayra has established itself as a key driver of the venture capital ecosystem in Mexico, Latin America and globally,” said Andres Friedman, CEO of Solfium.
In addition, Friedman says that this “gives us enormous opportunities for growth and international expansion.”
Adoption of solar energy
According to data from the United Nations, by 2030 the cheapest electricity from renewable sources could provide 65% of the world’s entire electricity supply. And by 2050, 90% of the energy sector could be decarbonized, which would cut carbon emissions massively and help mitigate the effects of climate change.
Solfium has a technology model that drives the mass adoption of solar energy in large corporations. Its platform facilitates the decarbonization of the value chain through the efficient deployment of solar energy and complementary technologies, such as batteries and chargers, integrating with suppliers, distributors and company assets.
According to the startup, it is the only company in Mexico distinguished by the Solar Impulse Foundation of Geneva. It is also the only Mexican company included in the prestigious SET 100 global list, which highlights the most innovative companies in the energy transition, with the support of the World Energy Council and the German Energy Agency (DENA).
Wayra’s investment in Solfium is part of a pre-series A round
The funds raised will allow Solfium to accelerate its investment in technology, consolidate its leadership in Mexico, and prepare for future expansion into new markets in Latin America, reinforcing its commitment to sustainability and the transition to clean energy sources in the region, according to the company.
Fabricio Zabala, portfolio manager of Wayra Hispam, says: “We are very excited to add Solfium to Wayra Hispam’s portfolio, a company that is revolutionizing access to solar energy with a unique approach. This investment reinforces our commitment to the energy transition, we are convinced that their transformative model will have a positive and scalable impact on decarbonization and building a more sustainable future.”
In recent years the number of CVC programs doubled in the region, according to the report Corporate Venturing Latam 2024, developed by Wayra in partnership with Global Corporate Venturing, the largest CVC organization globally.
The report presents a radiography of the state of CVC in Latin America, with results of investment activity in startups by large companies during the last year.
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