Sunly valuation, funding and investors

Sunly works in renewable energy project development, based in Tallinn, Estonia. Founded in 2019, it has about 148 employees.

Solar Energy Company Debt

VALUATION · TODAY

$1.63B −4% after Growth

Range $187M – $3.78B · Grade D

TODAY

+12 MO

$1.00B

$2.00B

$3.00B

$4.00B

2020

2021

2022

2023

2024

2025

2026

2027

Growth $195M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY148 employees

+6%6m growth

+10%1y growth

+35%2y growth

100

200

Data from Jan 2021

TODAY

Predicted in 1 yr $1.57B −4% vs today

Predicted next raise $265M if a round comes

Winding-down probability 8%

Last round: Growth · $195M · Oct 2022
Valuation at last round: $1.99B · implied
Headcount: 148 · flat
Grade: D
Founded: 2019

How VCMC values companies →

Sunly valuation today

VCMC values Sunly at $1.6B today, with a range of $187M to $3.8B and a grade of D. The valuation starts from its last funding round, a growth round in Oct 2022.

Valuation by date (96 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Sunly: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2019	$8.26M	$3.01M – $22.7M	$10.2M (+24%)	before first round	–	unknown	D	0%
1 Feb 2019	$8.49M	$3.09M – $23.3M	$10.3M (+21%)	before first round	–	unknown	D	0%
1 Mar 2019	$8.70M	$3.17M – $23.9M	$10.4M (+19%)	before first round	–	unknown	D	0%
1 Apr 2019	$8.93M	$3.25M – $24.5M	$10.5M (+17%)	before first round	–	unknown	D	0%
1 May 2019	$9.17M	$3.34M – $25.2M	$10.6M (+15%)	before first round	–	unknown	D	0%
1 Jun 2019	$9.42M	$3.43M – $25.9M	$10.7M (+13%)	before first round	–	unknown	D	0%
1 Jul 2019	$9.66M	$3.52M – $26.5M	$10.8M (+11%)	before first round	–	unknown	D	0%
1 Aug 2019	$9.76M	$3.55M – $26.8M	$10.9M (+11%)	before first round	–	unknown	D	0%
1 Sep 2019	$9.85M	$3.59M – $27.1M	$11.0M (+11%)	before first round	–	unknown	D	0%
1 Oct 2019	$9.94M	$3.62M – $27.3M	$11.1M (+11%)	before first round	–	unknown	D	0%
1 Nov 2019	$10.0M	$3.65M – $27.5M	$11.2M (+11%)	before first round	–	unknown	D	0%
1 Dec 2019	$10.1M	$3.68M – $27.8M	$11.3M (+11%)	before first round	–	unknown	D	0%
1 Jan 2020	$10.2M	$3.72M – $28.1M	$11.4M (+11%)	before first round	–	unknown	D	0%
1 Feb 2020	$10.3M	$3.75M – $28.3M	$11.5M (+11%)	before first round	–	unknown	D	0%
1 Mar 2020	$10.4M	$3.78M – $28.6M	$11.6M (+11%)	before first round	–	unknown	D	0%
1 Apr 2020	$10.5M	$3.82M – $28.8M	$11.7M (+11%)	before first round	–	unknown	D	0%
1 May 2020	$10.6M	$3.85M – $29.1M	$11.8M (+11%)	before first round	–	unknown	D	0%
1 Jun 2020	$10.7M	$3.89M – $29.3M	$11.9M (+11%)	before first round	–	unknown	D	0%
1 Jul 2020	$10.8M	$3.92M – $29.6M	$12.0M (+11%)	before first round	–	unknown	D	0%
1 Aug 2020	$10.9M	$3.96M – $29.9M	$12.1M (+11%)	before first round	–	unknown	D	0%
1 Sep 2020	$11.0M	$3.99M – $30.1M	$12.2M (+11%)	before first round	–	unknown	D	0%
1 Oct 2020	$11.1M	$4.03M – $30.4M	$12.3M (+11%)	before first round	–	unknown	D	0%
1 Nov 2020	$11.2M	$4.07M – $30.7M	$12.4M (+11%)	before first round	–	unknown	D	0%
1 Dec 2020	$11.3M	$4.10M – $31.0M	$12.6M (+11%)	before first round	–	unknown	D	0%
1 Jan 2021	$11.4M	$4.14M – $31.2M	$12.7M (+11%)	before first round	16	unknown	D	0%
1 Feb 2021	$11.5M	$4.18M – $31.5M	$12.8M (+11%)	before first round	16	unknown	D	0%
1 Mar 2021	$11.6M	$4.21M – $31.8M	$12.8M (+11%)	before first round	16	unknown	D	0%
1 Apr 2021	$11.7M	$4.25M – $32.1M	$12.9M (+11%)	before first round	16	flat	D	0%
1 May 2021	$11.8M	$4.29M – $32.4M	$13.0M (+11%)	before first round	16	flat	D	0%
1 Jun 2021	$11.9M	$4.33M – $32.7M	$13.1M (+10%)	before first round	16	flat	D	0%
1 Jul 2021	$12.0M	$4.37M – $33.0M	$13.2M (+10%)	before first round	16	flat	D	0%
1 Aug 2021	$12.1M	$4.41M – $33.3M	$13.3M (+10%)	before first round	16	flat	D	0%
1 Sep 2021	$12.2M	$4.45M – $33.6M	$13.4M (+10%)	before first round	16	flat	D	0%
1 Oct 2021	$12.3M	$4.49M – $33.9M	$13.5M (+10%)	before first round	16	flat	D	0%
1 Nov 2021	$12.4M	$4.53M – $34.2M	$13.6M (+10%)	before first round	16	flat	D	0%
1 Dec 2021	$12.5M	$4.57M – $34.5M	$13.7M (+9%)	before first round	16	flat	D	0%
1 Jan 2022	$12.7M	$4.61M – $34.8M	$13.8M (+9%)	before first round	16	flat	D	0%
1 Feb 2022	$19.5M	$8.36M – $38.8M	$21.3M (+9%)	before first round	30	growing	C	0%
1 Mar 2022	$19.7M	$8.42M – $39.0M	$21.5M (+9%)	before first round	30	growing	C	0%
1 Apr 2022	$19.8M	$8.48M – $39.3M	$21.6M (+9%)	before first round	30	growing	C	0%
1 May 2022	$20.0M	$8.54M – $39.6M	$21.8M (+9%)	before first round	30	growing	C	0%
1 Jun 2022	$20.1M	$8.61M – $39.9M	$22.0M (+9%)	before first round	30	growing	C	0%
1 Jul 2022	$20.3M	$8.67M – $40.2M	$22.1M (+9%)	before first round	30	growing	C	0%
1 Aug 2022	$20.4M	$8.74M – $40.5M	$22.3M (+9%)	before first round	30	growing	C	0%
1 Sep 2022	$20.6M	$8.80M – $40.8M	$22.4M (+9%)	before first round	30	growing	C	0%
1 Oct 2022	$2.0B	$1.3B – $3.3B	$2.2B (+10%)	after a round	30	growing	B	0%
2 Oct 2022	$2.0B	$1.3B – $3.3B	$2.2B (+10%)	after a round	30	unknown	B	0%
1 Nov 2022	$2.0B	$1.3B – $3.3B	$2.2B (+9%)	after a round	30	unknown	B	0%
1 Dec 2022	$2.0B	$1.3B – $3.3B	$2.2B (+8%)	after a round	30	unknown	B	0%
1 Jan 2023	$2.0B	$1.3B – $3.3B	$2.2B (+7%)	after a round	57	growing	B	0%
1 Feb 2023	$2.1B	$1.3B – $3.3B	$2.2B (+7%)	after a round	57	growing	B	0%
1 Mar 2023	$2.1B	$1.3B – $3.3B	$2.2B (+6%)	after a round	57	growing	B	0%
1 Apr 2023	$2.1B	$1.3B – $3.3B	$2.2B (+5%)	after a round	57	growing	B	0%
1 May 2023	$2.1B	$1.3B – $3.3B	$2.2B (+4%)	after a round	57	growing	B	0%
1 Jun 2023	$2.1B	$1.3B – $3.3B	$2.2B (+3%)	after a round	57	growing	B	0%
1 Jul 2023	$2.1B	$1.3B – $3.3B	$2.2B (+2%)	after a round	57	growing	B	0%
1 Aug 2023	$2.2B	$1.3B – $3.3B	$2.2B (+2%)	after a round	57	growing	B	0%
1 Sep 2023	$2.2B	$1.3B – $3.3B	$2.2B (+1%)	after a round	57	unknown	B	0%
1 Oct 2023	$2.4B	$1.5B – $3.7B	$2.4B (0%)	after a round	93	growing	B	0%
1 Nov 2023	$2.4B	$1.4B – $3.7B	$2.4B (0%)	after a round	93	growing	B	0%
1 Dec 2023	$2.4B	$1.4B – $3.7B	$2.4B (0%)	after a round	93	growing	B	0%
1 Jan 2024	$2.4B	$1.4B – $3.7B	$2.4B (0%)	after a round	93	growing	B	0%
1 Feb 2024	$2.4B	$1.4B – $3.7B	$2.4B (0%)	after a round	93	growing	B	0%
1 Mar 2024	$2.5B	$1.5B – $3.9B	$2.5B (0%)	after a round	110	growing	B	0%
1 Apr 2024	$2.5B	$1.4B – $3.9B	$2.5B (0%)	after a round	110	growing	B	0%
1 May 2024	$2.5B	$1.4B – $3.9B	$2.5B (0%)	after a round	110	growing	B	0%
1 Jun 2024	$2.5B	$1.4B – $3.9B	$2.5B (0%)	after a round	110	growing	B	0%
1 Jul 2024	$2.5B	$1.4B – $3.9B	$2.5B (0%)	after a round	110	growing	B	0%
1 Aug 2024	$2.5B	$1.2B – $3.9B	$2.5B (0%)	after a round	110	up	C	0%
1 Sep 2024	$2.5B	$1.1B – $3.9B	$2.5B (0%)	after a round	110	up	C	0%
1 Oct 2024	$2.5B	$1.0B – $3.9B	$2.5B (0%)	after a round	110	up	C	0%
1 Nov 2024	$2.5B	$973M – $3.9B	$2.5B (0%)	after a round	110	up	C	0%
1 Dec 2024	$2.5B	$941M – $3.9B	$2.5B (-1%)	after a round	110	up	C	0%
1 Jan 2025	$2.5B	$909M – $3.9B	$2.5B (-1%)	after a round	110	up	C	0%
1 Feb 2025	$2.5B	$878M – $3.9B	$2.5B (-1%)	after a round	110	up	C	0%
1 Mar 2025	$2.5B	$851M – $3.9B	$2.5B (-2%)	after a round	110	up	C	0%
1 Apr 2025	$2.5B	$823M – $3.9B	$2.5B (-2%)	after a round	110	up	C	0%
1 May 2025	$2.5B	$586M – $3.9B	$2.5B (0%)	after a round	110	unknown	C	0%
1 Jun 2025	$2.5B	$557M – $3.9B	$2.5B (0%)	after a round	110	unknown	C	0%
1 Jul 2025	$2.5B	$530M – $3.9B	$2.5B (0%)	after a round	110	unknown	C	0%
1 Aug 2025	$2.7B	$756M – $4.1B	$2.6B (-2%)	after a round	139	up	C	0%
1 Sep 2025	$2.7B	$730M – $4.1B	$2.6B (-2%)	after a round	139	up	C	0%
1 Oct 2025	$2.3B	$477M – $3.9B	$2.0B (-13%)	after a round	135	flat	D	15%
1 Nov 2025	$2.3B	$453M – $3.9B	$2.0B (-12%)	after a round	135	flat	D	15%
1 Dec 2025	$2.2B	$431M – $3.9B	$2.0B (-12%)	after a round	135	flat	D	15%
1 Jan 2026	$2.2B	$410M – $3.8B	$2.0B (-11%)	after a round	135	flat	D	15%
1 Feb 2026	$2.2B	$389M – $3.8B	$2.0B (-10%)	after a round	135	flat	D	15%
1 Mar 2026	$2.2B	$372M – $3.8B	$1.9B (-10%)	after a round	135	flat	D	15%
1 Apr 2026	$2.2B	$356M – $3.8B	$2.0B (-9%)	after a round	139	flat	D	13%
1 May 2026	$2.2B	$337M – $3.7B	$2.0B (-8%)	after a round	136	flat	D	12%
1 Jun 2026	$2.2B	$320M – $3.7B	$2.0B (-7%)	after a round	136	flat	D	11%
1 Jul 2026	$2.2B	$305M – $3.7B	$2.0B (-6%)	after a round	136	flat	D	10%
1 Aug 2026	$2.2B	$293M – $3.7B	$2.1B (-5%)	after a round	144	flat	D	10%
1 Sep 2026	$2.2B	$280M – $3.7B	$2.1B (-5%)	after a round	147	flat	D	9%
1 Oct 2026	$2.3B	$267M – $3.8B	$2.1B (-5%)	after a round	148	flat	D	8%
24 Oct 2026	$1.6B	$187M – $3.8B	$1.6B (-4%)	after a round	148	flat	D	8%

Key facts about Sunly

Founded: 2019
Headquarters: Tallinn, Estonia
Employees: about 148 +10% in a year
Total raised: $530M
Funding rounds: 2
Last round: Debt Aug 2024

Sunly was founded in 2019 by Aivar Berzin, Jüri Mõis, Kerstin Kütt, Martin Kruus, Peeter Mänd and Priit Lepasepp.

Sunly funding history

Sunly has 2 funding rounds on record, from Oct 2022 to Aug 2024, $530M in total. None disclosed a valuation.

Debt 26 Aug 2024no round page
Led by Rivage Investment, Copenhagen Infrastructure Partners; with Kommunal Landspensjonskasse.
Sources: sunly.ee, sunya.ai
$335M
Growth Equity 1 Oct 2022
With Mirova.
Sources: investinestonia.com
$195M

Sunly investors

4 investors have backed Sunly; Copenhagen Infrastructure Partners and Rivage Investment led at least one round.

Rivage Investment lead
Kommunal Landspensjonskasse

What Sunly does

Sunly works in solar energy company, with 15 recorded offerings and customers in renewable energy.

Sunly AS is an Estonian energy company engaged in the development, production, and distribution of renewable electricity, with a focus on solar and wind power projects. The company manages a portfolio of renewable energy assets across Estonia, Latvia, Lithuania, and Poland, and is involved in the electrification of energy systems. Sunly also operates as a supplier of energy solutions and maintains a supply chain and circular economy practices within its operations.

Description from Veridion's company data.

Products and services

Renewable Energy Project Development
Solar Power Project Development
Wind Power Project Development
Renewable Electricity Production
Solar Electricity Production
Wind Electricity Production
Renewable Electricity Distribution
Green Energy Portfolio Management
Sustainable Energy Consulting
Circular Economy Implementation Services
Community Energy Solutions
Affordable Energy Solutions
Clean Energy Solutions
Energy Innovation Services
Energy Supply Chain Management

Markets

Renewable Energy

Business model

Business-to-Business
Manufacturing
Enterprise

Industry codes (NAICS)

221114 Solar Electric Power Generation 100% match

Questions about Sunly

What is Sunly worth?

Valuation $1.6B (range $187M to $3.8B), as of 24 Oct 2026.

Has Sunly raised money?

Sunly has 2 funding rounds on record, from Oct 2022 to Aug 2024, $530M in total. None disclosed a valuation.

Who has invested in Sunly?

Copenhagen Infrastructure Partners, Rivage Investment, Kommunal Landspensjonskasse and Mirova. Lead investors include Copenhagen Infrastructure Partners and Rivage Investment.

How many people work at Sunly?

About 148, up 10% over the last year. Headcount grew from 16 in Jan 2021 to 148 in Sep 2026.

What does Sunly do?

Sunly works in solar energy company, with 15 recorded offerings and customers in renewable energy. Its main offerings are renewable energy project development, solar power project development and wind power project development.

When was Sunly founded, and where is it based?

Sunly was founded in 2019 and is based in Tallinn, Estonia. It has about 148 employees, up 10% over the last year.

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