Ostrom, an energy management solution provider, raised $8 million in funding in an investment round led by SE Ventures along with existing investors Union Square Ventures, Adjacent, J12, and Übermorgen. The funding round extends the company’s Series A funding to $18 million, bringing the company’s total funding to over $23 million.
The additional funding will be used to further expand the company’s product offerings, most notably in home storage and solar solutions. The company aims to deploy virtual power plants through asset steering, aiding demand-side grid load balancing.
“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 much 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.” Matthias Martensen, Co-Founder & CEO, Ostrom
“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.” Julien Cristiani, General Partner, SE Ventures.
According to Mercom’s 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Smart Grid companies in 1H 2023 was 32% higher, with $986 million compared to the $746 million raised in 1H 2022.
FranklinWH, a residential energy management solutions provider, recently secured $25 million in Series B funding led by Particle Future. The funding is expected to help the company expand its R&D capabilities, optimize its supply chain, and scale up its operations and sales network.
