KUGU, a Berlin-based PropTech company focused on decarbonising the real estate sector, has raised €8.5 million in a Series A financing round led by Tengelmann Ventures and Gewobag ID. The funding round also included contributions from industry experts Michael Lowak and Axel Müller, both of whom have been serving as advisory board members. Existing investors Wecken & Cie., IBB Ventures, and Future Energy Ventures also reinvested in this round.
Founded in 2018, KUGU offers digital solutions that help real estate companies meet emissions targets through energy optimization. Its platform functions as an intelligent extension of the digital boiler room, using real-time monitoring to optimize energy systems and reduce CO₂ emissions and energy consumption by up to 30%. This solution is fully allocatable to tenants, providing a streamlined and efficient service for property owners.
Currently, KUGU manages over 12,000 buildings on its platform, achieving energy savings of 25 million kWh last year—equivalent to the average annual consumption of around 7,000 households. KUGU’s technology is used by over 60 companies, including major housing firms, municipal utilities, and metering service providers in Germany.
Alexander Greis, Investment Manager at Tengelmann Ventures said: “With the continuous expansion of its product portfolio and extensive experience with major housing associations, KUGU has established itself as a significant innovation leader in digital energy solutions for the real estate sector. We are excited to support the team on its growth journey with our expertise in retail and commercial real estate.”
Sven Harke-Kajuth, Managing Director of Gewobag ID, added: “We see KUGU as a long-term partner that brings impressive expertise and agility to actively drive decarbonization in the real estate sector with smart digital solutions.”
The funds will be used to expand KUGU’s digital product portfolio and enhance sales and operational capacities, supporting the company’s growth goals, including team expansion and optimizing approximately 50,000 buildings on its platform. “This investment allows us to build on our success, with plans to optimize approximately 50,000 buildings on our platform in the near future,” said Managing Director Niko Mikac.“This will save over 100,000 tons of CO₂ emissions annually in the real estate sector. Our next key milestone is achieving profitability for KUGU.”
Read the orginal article: https://www.eu-startups.com/2024/11/berlin-based-kugu-secures-e8-5-million-to-advance-decarbonisation-in-real-estate/
