On 20 April, Compass finalised its first investment in Reuniwatt. Energy and technology are essential for the successful development of the region. As a result, Compass has invested in a Reunion-based company that specializes in developing solutions to make solar energy more reliable.
This company has received $1 million in funding from the venture capital fund. This financing is intended to help the company achieve its growth objectives. This partnership agreement between the two companies was concluded on February 22, 2017. It should be noted that Compass is a minority shareholder in Reuniwatt, but a very strategic one.
Let’s talk about Compass
Based in Moka, at the Vivéa Business Park, Compass is a venture capital fund that finances young companies that do not yet have access to the financial markets and for which debt financing is not appropriate. The brand invests primarily in innovative start-ups and SMEs with replicable business models and high growth potential. The investor works with local and regional companies in the Indian Ocean, but also with companies in Africa. Compass aims to support talented and resilient entrepreneurs to build successful businesses to drive economic growth and development in the region.
“Energy and technology are priority sectors for Compass, as we believe they are key to any future development, particularly in the region. Reuniwatt was therefore an obvious choice for our first investment, as its activities are in both industries. Through this investment, we aim to accelerate Reuniwatt’s growth by enabling it to market its products and services internationally. At Compass, we strongly believe that the Indian Ocean region, and Mauritius in particular, can shine as a catalyst for talent and excellence in innovation and entrepreneurship,” said Mr. Fabrice Boullé, Partner at Compass.
A partnership that illustrates the Compass vision
This partnership with Reuniwatt is in line with Compass’ vision and desire. Indeed, this company supports development and economic growth in the Indian Ocean region through regional partnerships. This investment shows the common vision that Mauritius and Reunion Island have, and in this sense both countries are joining forces and expertise to meet the emerging demands of strategic developing markets.
Let’s discover Reuniwatt
Reuniwatt offers several unique solutions to its users, including the ability to forecast the electricity production of solar power plants anywhere in the world. All of this is intended to enable the players in the energy value chain to better exploit and manage the variability of solar energy, and thus fully utilize its potential. Following the signing of the agreement, Nicolas Schmutz said:
“We are delighted with the partnership with Compass, which will contribute to the growth of our business by supporting the conquest of new markets. We are pleased to have found in Compass the local partner securing our foothold in the Indian Ocean and sharing our ambition.”
How does Compass work?
Compass, as the venture capital fund of the ENL Group, provides equity capital to companies. In return, the latter must grant Compass a minority stake in their business. In this way, Compass helps to develop and contribute to the success of the companies in which it invests, by building strong, trusting and long-term working relationships. The fund works in collaboration with La Turbine, one of the region’s leading start-up incubators and accelerators, which helps new entrepreneurs turn their ideas into successful businesses. Compass is not only active in energy and technology: the fund has a strong focus on education and health, sectors in which many investments are made.