SpotmyEnergy, a Cologne-based energy startup, has secured €10.5 million in seed funding to scale its innovative energy management solutions.
The round was led by Norrsken VC, the investment arm of Sweden’s Norrsken Foundation, with participation from new investor Vorwerk Ventures and existing backer Picus Capital. The funds will support the rollout of SpotmyEnergy’s smart metering and management technology, helping households save on energy costs while accelerating Germany’s energy transition.
SpotmyEnergy aims to addresses a critical gap in Germany’s energy market, where less than 2% of the 53 million electricity customers currently own a smart meter. The company’s comprehensive system includes a smart meter, energy management software, and a time-of-use electricity tariff.
By integrating private households into the energy market, SpotmyEnergy seeks to optimises energy usage across home storage systems, electric vehicles, heat pumps, and rooftop solar installations, turning ordinary homes into active participants in the energy grid.
“Over the past year, we successfully launched our product in the market and have seen significant demand for our solutions,” said Jochen Schwill, founder and CEO of SpotmyEnergy. “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.”
Founded in 2023 by cleantech entrepreneur Jochen Schwill, SpotmyEnergy brings transparency to energy flows while managing metering, system optimisation, and trading. Over the course of the last two years, SpotmyEnergy has built a network of over 50 electrical installation partners, adding new collaborators daily to meet surging demand for its solutions.
The fresh funding will be used to strengthen the company’s team, expand sales capacities, and enhance its platform’s compatibility with a wide range of devices, including residential battery storage systems.
Fabian Erici, Principal at Norrsken VC, a leading early-stage fund focused on impact, emphasised the importance of SpotmyEnergy’s mission: “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.”
Vorwerk Ventures, a Berlin-based VC managing over €400 million, joined the seed round to further its focus on climate innovation.
“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.” said Dr. Dominik Steinkühler, Partner at Vorwerk Ventures.
Existing investor Picus Capital also reinforced its commitment to SpotmyEnergy. “We are thrilled by the progress SpotmyEnergy has made and see this investment as further confirmation of the path Jochen and his team have taken,” said Oliver Heinrich, Partner at Picus Capital.
Read the orginal article: https://www.eu-startups.com/2024/12/spotmyenergy-connects-households-to-a-brighter-greener-grid-with-e10-5-million-seed-funding/
