The Munich-based startup Wegatech plans and installs sustainable energy technology for private households. The startup has now successfully completed a €2 million Series B financing round. The funding comes in part from a newly launched investment platform of early-stage investor Yabeo.
Wegatech supplies private households with a combination of photovoltaic systems, energy storage systems, electric charging stations, and electricity-powered heat pump heating systems. The technologies used allow a building to be supplied with both electricity and heat. Photovoltaic systems provide CO2-neutral electricity, battery storage systems absorb surplus energy, and an electricity-powered heat pump supplies the home with heating and hot water. The individual technologies are networked to increase efficiency and cost savings for the customer.
In addition to its focus on single-family homes, Wegatech also implements contracting models in residential developments. In collaboration with developers, it establishes "energy partnerships" with building owners. Wegatech installs and maintains the energy technology at its own expense and sells the electricity and heat to the owners at competitive prices. Since the startup was founded in 2010, Wegatech customers have saved more than five million tons of CO2 and produced over 13.3 gigawatts of green electricity, according to the company.
2 million euros for Wegatech
The startup’s investors have so far included capital providers such as Wessel Management, BVP Berlin Venture Partners and BonventureThe latter also participated in the Series B financing round, with which Wegatch has raised €2 million so far. Wegatch CEO Karls Dienst explains:
"Wegatech completed a €2.0 million financing round in December 2019, with early-stage investor Yabeo contributing €1.5 million. Wegatech is now aiming to raise an additional €1.5 million in a second closing, which would bring the total to a €3.5 million Series B round."
The 1.5 million of Yabeo come from the newly launched investment platform “Yabeo Impact”, which focuses exclusively on socially or environmentally relevant companies.
The new fund from Yabeo
Yabeo Impact's investment strategy is aligned with the UN's 17 Sustainable Development Goals (SDGs). The focus on environmental impact is particularly on cleantech, agriculturetech, and foodtech, while social impact focuses on inclusion and education. Yabeo focuses on startups with digital approaches and technologies such as artificial intelligence, the Internet of Things, and robotics. Investments will primarily be made in seed, Series A, and Series B rounds, with a focus on Europe and global investments. Building on the experience gained from previous investments, impact investing also aims to achieve a market-standard return on investment in addition to a positive impact on the environment and society. Yabeo is targeting an investment volume of around €50 million for this purpose.
