French electric vehicle (EV) charging scaleup Waat has raised €100m in fresh funding despite VC appetite for climate tech startups waning significantly in the past months.
The new round was led by German asset manager DWS and French public bank Bpifrance, with participation from historic investor Raise Impact, which focuses on sustainability. It brings total funding raised by the scaleup since launching in 2018 to €130m.
Waat builds EV charging infrastructure for private parking spaces in apartment lots, social housing and offices. It also provides an app to manage and optimise the performance of its charging points.
With a team of over 300 people, the company operates 20k charging points across France, Switzerland and Belgium and has been profitable for three years. Revenues hit €69m in 2024.
With the fundraise the scaleup plans to scale up its operations to reach 250k charging points by 2030. It is also expanding to other European countries like the UK and Poland.
A challenging context
The fundraise comes as climate tech falls out of favour with VCs. Sifted data shows equity funding for climate tech in Europe fell 40% in the first six months of 2025 compared to the same period last year.
EVs are seemingly an exception. Earlier this year Paris-based Electra, which is building a network of fast-charging stations for EVs across Europe, secured a green loan of up to €433m, a year and a half after it raised a €304m Series B.
Electra’s CEO Aurélien de Meaux told Sifted at the time EV ownership in Europe is rising because the EU has banned the sale of new petrol and diesel cars from 2035. In 2025, Electra expects to hit €70m in revenues and it plans to be profitable in the next 18 months.
Waat cofounder Patrick Kic said in a press release: "In a demanding context, we are really proud to have successfully mobilised partners of this kind. It acts as a recognition of our model.”
