Munich-based reev, a software provider for semi-public charging solutions, announced that it has completed its Series A funding round at €10M, marking its largest investment to date.
The funding round was co-led by Future Energy Ventures and Blue Earth Capital. They join existing investors, including German energy provider N-ERGIE.
The company will use the funds to accelerate the expansion of its intelligent charging infrastructure in various places including France and the Benelux countries.
The German company firm will utilise the capital to expand its portfolio with new products.
“We are pleased to partner with two preeminent climate investors with highly relevant networks and proven scale-up capabilities to help achieve our European ambitions,” says Eduard Schlutius, founder, and CEO of reev.
reev: Shaping the future of electromobility
Founded by Eduard Schlutius, reev provides a simple, transparent, and fully automated cloud software platform for the management, control, and billing of charging infrastructure.
“The provision of charging infrastructure in locations where vehicles park for extended periods is an important component for the market expansion of electromobility. But we also know that commercial and multi-tenant buildings lack charging facilities, or they experience a lag in expanding charging infrastructure,” says Schlutius.
“The exceptional reliability of our software, along with its intuitive usability throughout the value chain, specifically addresses the complex and specific requirements of these segments, positioning reev uniquely to fill this gap. Our past success also demonstrates this,” adds Schlutius.
As a result, the company’s solution simplifies access to charging infrastructure and complex tasks for any company, electrician, or facility manager when installing charging stations.
reev software for managing charging stations is already used by almost 6,000 customers – including the European Patent Office, Holcim, and Trumpf.
The company offers a comprehensive platform with digital product solutions for over 250 compatible wallbox models, catering to hardware manufacturers, traders, and electricians. The platform covers everything from installation to service.
The company recently announced strategic partnerships with Schneider Electric and Zaptec to offer a joint product solution with reev pre-configured software.
reev claims that new customers are signing up every day to access its fully hardware-agnostic software platform.
The investor
Blue Earth Capital is a global, independent, specialist impact investor, that seeks to address the world’s most pressing social and environmental challenges. The company operates dedicated private equity, private credit, and fund solutions.
“To facilitate the energy transition, reliable infrastructure for electric vehicles and particularly effective charging solutions are required. We believe commercial and multi-tenant buildings are an underserved part of the charging ecosystem in Europe,” says Kayode Akinola, Head of Private Equity at Blue Earth Capital.
“By providing building owners, building managers, and end customers with a seamless operating experience and maximising uptime, reev’s software solution is well positioned to accelerate EV charging infrastructure expansion and reliability within these segments – an important step towards the decarbonisation of road transportation,” adds Akinola.
Future Energy Ventures (FEV) supports ready-to-scale, world-class start-ups whose mission is to accelerate the energy transition and decarbonise society.
FEV announced the first closing of FEV Fund II, an SFDR Article 9 fund, in January 2024.
FEV Fund invests in high-potential, digital, and digitally-enabled climate technologies with the power to redefine the energy landscape and create cleaner and smarter cities.
Veronique Hördemann, Managing Partner Future Energy Ventures says, “In our initial fund, we made many successful investments in the EV charging sector in what was the first main wave of EV adoption. We recognised the untapped potential of multi-user building setups as crucial for mainstream EV adoption. reev emerged as a standout player in this domain, boasting an exceptionally talented team. The commitment and passion exhibited by the entire reev team are truly remarkable, a sentiment echoed by their satisfied customers and partners alike. We are pleased to be part of the journey!“
Read the orginal article: https://siliconcanals.com/news/startups/munich-based-reev-secures-10m/
