Mona Lee – a Boston-based startup founded by former Tesla employee Walid Halty – recently announced the successful closing of a $3.25 million seed funding round. The round included investments from prominent players in the technology and consumer sectors, such as Ludlow Ventures, Shrug VC, Palm Tree Crew (founded by Norwegian DJ Kygo), Coalition Operators, Plug and Play Ventures, and The Pags Group, owned by Boston Celtics’ owner Steve Pagliuca.
Mona Lee has a goal of making solar, storage, and EV charging installation for homes affordable and hassle-free. And since launching, the company has experienced remarkable growth, installing in over 7 states with over 150 new customers per month and an average cost-per-order of $28,000.
The potential for growth in the home solar and storage industry is enormous, with an estimated $250 billion opportunity over the next six years alone. And with 142 million homes in the U.S. and only 2 million having switched to solar in the past two decades, Mona Lee aims to tap into the remaining 140 million homes expected to adopt solar power by 2029.
The passage of the Inflation Reduction Act has fueled consumer interest in clean energy in recent years and Mona Lee met the moment. And the company’s unique selling proposition lies in its AI-powered buying experience. The company’s technology demystifies the process of designing and purchasing a complete solar panel and storage system for homes, while cutting costs for consumers by 40-50%.
With an innovative technology and commitment to bringing affordable and seamless solar and storage installation to homes across the country, Mona Lee is poised to transform the clean energy experience for consumers.
KEY QUOTE:
“This funding round is a testament to the need for Mona Lee’s innovative approach in the home solar and storage industry. We are committed to making solar and storage installation a no-brainer for all homeowners, and this investment will allow us to further accelerate our growth and expand our reach.”
— Mona Lee’s CEO Walid Halty
