Mestro announced earlier this week that the company has completed a directed share issue in order to accelerate its offering of energy monitoring services to meet EU regulatory requirements in more markets. A total of SEK 12 million is raised, at a share price of SEK 9 per share. The investors include Erik Selin, whose Balder has been a customer of Mestro for several years. With the new investment, Mestro aims to broaden its offering and break new ground in Europe.
“Our industry is very much characterised by the regulatory requirements now set at EU level, which require property owners to report their sustainability work and reduce their climate footprint. As the laws are universal for the entire European region (and apllicable for other countries), our product has market-fit in all markets. The capital we are now raising will allow us to broaden our offering and break new ground internationally“, says Kristin Berg, CEO of Mestro.
The round includes Erik Selin, who is an established investor and owner of the property company Balder. Selin’s property company is one of Sweden’s largest property owners with a clear agenda for sustainability, which is noticeable not least through the energy and sustainability work Balder conducts as a customer of Mestro in their platform.
“I see Erik Selin, as one of Sweden’s foremost profiles in the property industry, choosing to invest in Mestro as a strong quality stamp for the company we have built and the potential going forward. We look forward to the continued work together with both Erik Selin and Balder”, says Rikard Östberg, Chairman of the Board of Mestro.
Mestro, which historically has grown to new markets through its customers’ international property portfolio, has the ambition to continue to grow through existing contacts and targeted efforts. As recently as June, Mestro entered four new markets when they added Pandox hotel properties in the UK, Ireland, Belgium and Austria to their portfolio. Today, Mestro is present in 11 countries in Europe, and the ambition is to continue to grow on the continent during the autumn.
