After bootstrapping for 15 years, energy renovation company Effy raises $22 million

Effy is at a crossroads. The energy renovation company based in France is doing well, but it is addressing a market that is much bigger than anticipated. That’s why it is making a bet. The company just closed a €20 million funding round (roughly $22 million at today’s exchange rate) from Felix Capital. This is the first external funding round for the company.
“Our story starts 15 years ago,” founder and CEO Frédéric Utzmann told me. “We tackled this market very early on because we really believed in it.”
At first, Effy wasn’t a tech-enabled startup. The company worked on energy renovation for

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