The Power Moves Series: The EnerTech Approach to Going Beyond Capital with Portfolio Companies
- Sep 9, 2025
- 6 min read
Chapter II: Sofdesk
FROM CARBON PAPER TO DIGITALIZATION: BACKING AN UNCONVENTIONAL FOUNDER, A PAPER-NAPKIN TERM SHEET, AND A GRITTY SOLAR VISION
WHAT IS THE POWER MOVES SERIES
Too often, venture capital is seen as just a source of funding. But for EnerTech, capital is only the starting point—whether it's passive or active. Through this series of case studies, I want to highlight how EnerTech has been actively partnering with portfolio companies to shape strategy, navigate complex markets, and unlock long-term value—before, during, and even after an investment.
My goal is for readers—especially founders and operators—to see what it truly looks like when a venture firm leans in beyond the boardroom. If you're building in a hard-to-crack sector and looking for a partner who brings not just capital, but real-world operating experience, commercial insight, and deep ecosystem connectivity, I hope these stories show that we’re the kind of investor who builds with you—not just bets on you.
For corporate strategic partners and LPs, this series also offers a window into how EnerTech manages and grows portfolio companies—not only to drive returns, but to guide operational strategy, unlock strategic value, and manage legacy or long-tail venture assets. Whether you're considering direct investment, co-investment, or seeking a partner to help steward residual portfolios, this is how we work: thoughtfully, persistently, and side-by-side with the people building real solutions.
BACKGROUND
Sofdesk developed a software platform that allows solar and roofing companies to accelerate sales and design cycles and reduce their soft costs of customer acquisition (effectively digitizing the entire process for solar installation). Solargraf™provided solar installers with critical pre-sales engagement design, quoting and work-flow management from any PC, tablet, or mobile device. Roofgraf™ allowed roofing contractors to generate homeowner proposals using advanced machine learning technology.
EXIT
SEEING BEYOND THE ROUGH EDGES: Meeting Lennie for the First Time
In 2015, Wally met Lennie during a “speed-dating” session at a tech event in Quebec. Lennie had an unconventional idea: digitize the painfully manual, carbon-paper-based solar panel procurement and installation process. Instead of using rulers, paper forms, and Sharpies to plan panel layouts, Lennie envisioned an app-based workflow that could streamline the process from rooftop assessment to customer sign-off on any mobile device.
He had no apartment, slept in his office, took showers at the YMCA, and was building the product, bootstrapped, alongside a young software engineer, Max, who held another job just to pay rent.
When Wally visited Lennie’s makeshift office - an old industrial building repurposed into a half-finished workspace - he saw a young gritty entrepreneur. As Lennie shared his vision and walked through the business model with Wally, it didn’t take long for Wally to see the market opportunity and take the next step by inviting Lennie to pitch to the whole EnerTech team.
THE PUSHBACK
Not everyone on the EnerTech team was sold.
Lennie didn’t fit the mold of a “typical CEO.” He had lots of tattoos, little polish, and a raw pitch. Internally, our team was split. Some questioned whether this was the kind of founder we should back. But Wally dug in. He met the entire team, did the diligence, and invited Lennie to present at the EnerTech Annual Forum in Miami in November 2016.
Right before that, they met in San Francisco over dinner at Waterbar.
There, Lennie showed what made him different: he had driven from Montreal to San Francisco, stopping in cities along the way to sell. Staying in hostels, sleeping on couches, and in his car - he had built an order book by sheer hustle. “here’s the book of customer signatures I’ve collected along the way”, he told Wally. Impressed and with a term sheet in hand, Wally sketched out the key terms of a deal on a paper napkin. “We don’t have full approval yet, but if our LPs are comfortable, here’s what the deal might look like.” And yes — on his way from San Francisco to Miami, Lennie continued selling. Lennie nailed his presentation at the EnerTech Forum in Miami and despite some lingering skepticism from LPs (in part due to a rap video Lennie had made that didn’t land well), Wally issued the term sheet, after the meeting and in February 2017 we closed the Series A round with Tony Van Bommel from BDC as co-investor.
BEHIND THE TERM SHEET: The Clean Up and The First Bottle of Caymus
The cap table was messy — Lennie had offered shares to a few early investors to keep the lights on. As a condition of closing, EnerTech required him to clean it up and vote on their behalf. It wasn’t easy, but he got it done.
After the term sheet signing, Wally shared a bottle of Caymus with Lennie and said to him, “This is the first bottle of Caymus we will drink together, and the second bottle we will drink when we have a massive exit on this deal!!!” Of course, that second (and maybe third) bottle became a reality in 2021 when we exited the company.
LANDING THE AIRPLANE IDEA: Bringing in Structure and Focus
With the financing closed, we knew the business needed more structure and leadership support. We helped recruit Kelcy Pegler Jr. through Hobbs and Towne (Dan Cremins). Kelcy is a serial entrepreneur in roofing and solar software who had just sold a company to NRG Energy and now CEO of FlexGen. We also added Michelle Magee, former head of marketing at SolarCity, as an independent board member to bring critical expertise in branding and go-to-market strategy, especially at a time when Lennie’s only marketing assets were some homemade videos.
As a young first-time founder, Lennie took feedback well but had a hard time staying focused. He had so many ideas bouncing around, at one point there were even talks of buying an airplane to collect rooftop data. About a year into the deal, the board formalized an agreement with Kelcy to step in as Executive Chairman to help Lennie with the company’s strategy and direction.
Kelcy brought the operational discipline the company needed: sharpening the strategy, restructuring the team, and helping Lennie focus his energy where it mattered. Lennie was also open-minded, eager to learn. He welcomed feedback and used it to keep growing into a stronger, more focused leader — never losing the ambition that had gotten him there in the first place.
Meanwhile, the company developed a roofing estimation product, RoofgrafTM, to expand market reach with installers. Kelcy helped shape a powerful insight: roofers needed a way to transition into solar easily. By bundling roof replacement estimates with solar lead generation, the company unlocked new revenue — ultimately bringing in $1M just from the solar lead generation business alone.
NOT THE DEAL WE EXPECTED BUT THE ONE WE NEEDED
As expected, changing behavior in the solar installer market was tough. Progress was slower than hoped, and the company ran low on cash after the first round. In Q3 2019, Lennie secured Series B funding led by Keith Marett from Generac, joined by Karl Theard from Desjardins. EnerTech also provided a term sheet, but Lennie was unhappy with the proposed valuation and terms, choosing to go with Generac’s offer instead. It was a higher valuation, and ultimately the right call. Keith’s insight into the Sofdesk software platform was invaluable to the management team as they started to sell their product more broadly to the market.
A SURPRISE EXIT: One Year in a Suit, Then Back to Being Lennie
Out of the blue, and without a banker involved, Lennie received an unsolicited acquisition offer from Enphase, who wanted Lennie to stay on for two years. He didn’t love the idea — Lennie wasn’t built for corporate life, but he agreed to stay on long enough to deliver a clean transition. In truth, neither did Enphase. After 12 months, Enphase bought out the remainder of Lennie’s contract.
Throughout the exit, Wally served as a sounding board. Tony, as co-investor, was aligned with Lennie operationally and strategically. The sale closed in January 2021 with a 3.6x return, a great outcome for everyone involved.
Even after the exit, Wally and Lennie stayed close, reflecting on the wild ride they’d shared. What started as an investor-founder relationship had grown into a real friendship built on trust, candor, and a lot of hard-earned lessons along the way.
"After facing rejection from hundreds of venture capital firms and angel investors, I remained determined. I believed deeply in the value our solution offered to help small businesses stay competitive in a rapidly evolving market. That persistence eventually led me to Wally, someone who looks beyond appearances and focuses on true potential. His belief in our vision, combined with the strategic guidance from EnerTech in shaping the company’s foundation, played a pivotal role in our success. I’m confident this is just the beginning, and that Wally and I have many more successful ventures ahead," said Lennie.
At EnerTech, we don’t just fund companies, we help founders build them—inside the room, in the trenches, and for the long haul.
TAKEAWAYS
Backing unconventional founders can pay off, especially if you surround them with structure and support.
Cap table clean-up matters.
What are your takeaways from this chapter?
- Jiajia Zhou
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