SpotmyEnergy, a provider of energy management solutions, secured €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023.
The company provides energy management solutions for private households, including a smart meter, an energy management system, and a time-of-use tariff. The energy management system enables private households to optimize their use and reduce costs.
Their home energy management system connects solar panels, home batteries, and large power consumers like EV chargers or heat pumps and optimizes energy consumption based on current market prices through their dynamic electricity tariff.
The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
“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,” said Jochen Schwill, founder and managing director of SpotmyEnergy.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
Earlier this month, enSights, a cloud-based clean energy optimization and management software provider, secured $10 million in a Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation.
