German cleantech startup SpotmyEnergy raises €10.5m seed funding to accelerate energy efficiency for households
German energy startup SpotmyEnergy has secured fresh capital amounting to €10.5 million in a seed financing round.
The round was led by Norrsken VC, the investment arm of the renowned Swedish Norrsken Foundation. Additionally, Vorwerk Ventures joins as a new investor alongside existing investor Picus Capital. The new funds will be used to meet product demand and further expand the technological solutions.
Jochen Schwill, Founder and CEO of SpotmyEnergy said, ”Over the past year, we successfully launched our product in the market and have seen significant demand for our solutions. To meet this demand more quickly and unlock the much-needed potential of connected flexibility behind millions of meters, we decided to raise fresh capital. We are thrilled to have found three investors – Norrsken, Vorwerk Ventures, and Picus Capital – who share our vision of a transparent, affordable, and sustainable energy supply for private households and who also bring cleantech expertise to the table.”
Out of the 53 million electricity customers in Germany, less than two percent currently own a smart meter. Moreover, intelligent control of electricity consumption based on market or grid signals has not yet been widely adopted. SpotmyEnergy, the Cologne-based company founded by Jochen Schwill, addresses this gap with its comprehensive energy management solution for private households. The system includes a smart meter, energy management system, and time-of-use electricity tariff. By using the system, users save on energy costs and enhance the value of home storage systems, electric vehicles, heat pumps, and rooftop solar installations. The company’s goal is to integrate private households into the energy market through intelligent networking and use the resulting flexibility to accelerate the energy transition.
Since inception, SpotmyEnergy successfully built a network of over 50 electrical installation partners. Currently, a new partner joins the platform every day to offer SpotmyEnergy’s solution to their customers. The lead investor in this round is Stockholm-based Norrsken VC, Europe’s leading early-stage fund investing in impact. Vorwerk Ventures also joins as a new investor in the seed round, intensifying its commitment to Germany’s energy transition. Vorwerk Ventures is an independent venture capital fund managing over 400 million euros. The Berlin-based fund focuses on consumer, climate, health, and food sectors. The trio is completed by existing pre-seed investor Picus Capital, which has invested significantly in SpotmyEnergy for the second time. Picus Capital led SpotmyEnergy’s pre-seed funding round in August 2023. The Munich-based VC had previously invested in several successful energy tech startups at early stages.
The capital raised will be used by the company to strengthen its core team and expand its sales capacities to meet the high demand. Additionally, the investment enables SpotmyEnergy to accelerate the development of its system for optimizing connected households, focusing on compatibility with devices from various manufacturers and on the implementation of intelligent trading algorithms for managing residential battery storage.
Fabian Erici, Principal at Norrsken VC, sees the investment as a continuation of the firm’s strategy, he says, ”Households are key to a green energy future – both as producers of green power and managers of flexible energy assets. Yet, their potential remains untapped, and installers lack the tools to unlock it. That’s why we’re thrilled to back the experienced Spot My Energy team empowering households with an all-in-one solution that cuts energy bills while driving the green energy revolution forward.”
Dominik Steinkühler, Partner at Vorwerk Ventures adds, ”Jochen Schwill and his team have a deep understanding of the challenges and opportunities in the energy sector. With their vision of involving households in the energy transition through smart metering systems and dynamic energy management, they are creating a forward-thinking solution. They are exceptionally well-positioned to make a significant contribution to a sustainable and stable energy system. We are impressed by the team’s innovation and commitment and look forward to supporting them on this journey.”
