After closing its €9.3 million Series A in December 2022, Ostrom has raised an additional €7.5 million in an investment round led by SE Ventures, a Silicon Valley-based venture fund backed by Schneider Electric. Existing investors Union Square Ventures, Adjacent, J12, and Übermorgen also participated in the financing, extending its Series A to €16.8 million and bringing the company’s total funding to over €21.5 million.
As one of the most active investors in the energy transition software stack, SE Ventures will help further accelerate Ostrom’s vision, which aims to reduce the friction of full home electrification and broader decarbonization through a uniquely positioned consumer-facing energy optimization experience. SE Ventures can drive unparalleled commercial acceleration for its portfolio companies and help navigate discussions for collaboration with Schneider Electric.
“With our healthy unit economics from our relentless focus on automation and efficiency, we were really yet to allocate any of our Series A funding. Our new partnership with SE Ventures is much more than about the capital. With so many potential synergies, it truly represents a fusion of our shared expertise and vision, bolstering our ambition to redefine the energy market in Germany and Europe,” said Matthias Martensen, Co-Founder & CEO of Ostrom.
Founded in 2021, Ostrom will use the additional funding to further expand its product offerings — most notably in home storage and solar solutions. This also sets the stage for our virtual power plant (VPP) ambitions through asset steering in the near future, aiding demand-side grid load balancing.
“As SE Ventures expands its portfolio in Europe, we are thrilled to invest in Ostrom, the new leading green energy provider in Germany. We are impressed by the execution bias and data-driven acumen of the management team. Their variable and dynamic tariff contracts bring both transparency and cheaper green electricity to German households and we are looking forward to partnering with them,” commented Julien Cristiani, General Partner of SE Ventures.
In 2023 alone, Ostrom has rolled out breakthrough innovations including its SimplyDynamic tariff with smart meter support, cost-reducing Smart EV Charging, efficiency-maximizing HVAC integrations for heat pumps, and the growing Ostrom Store. By leveraging data to shift energy use to the cheapest and greenest hours, Ostrom customers have achieved savings of up to 35% compared to conventional fixed-rate electricity contracts.
“We’ve delivered more new features in the last six months than most utilities push out in 5-10 years. We always find it odd that we use electricity all the time, yet most of us think of energy as a low touchpoint industry. What we do at Ostrom is to empower our customers to save both energy and money by giving them insights and control of their consumption,” added Karl Villanueva, Co-Founder & CMO/CPO of Ostrom.
Read the orginal article: https://www.eu-startups.com/2023/09/berlin-based-ostrom-picks-up-extra-e7-5-million-in-order-to-advance-europes-green-energy-transition/
