The seed round of 42watt continues to grow: After the Munich-based cleantech startup A successful seed financing round in autumn 2023 was able to announce, in November of the same year a first expansion by Obi Squared, the corporate venture capital arm of the home improvement brand. The already oversubscribed round is now being expanded again by a mid-single-digit million amount. Venture capital firm Eneco Ventures is leading the round. Existing investors PT1 and BonVenture are also contributing additional funds.
Jörg Überla, co-founder and CEO of 42watt, says about the current expansion:
"We are pleased to count Eneco among our investors. Eneco has a clear focus on decarbonization. This fits perfectly with our mission to make existing buildings in Germany and Europe climate-neutral."
More than financial commitment
Jordy Klaassen, Investment Manager at Eneco Ventures, is looking forward to the collaboration:
"Our investment in 42watt is not just a financial commitment, but a strategic partnership to drive meaningful change in energy renovation. Together, we will support the achievement of climate goals and achieve our One Planet Plan objectives. To achieve this, we will leverage our extensive knowledge of the energy market, reach more than five million people through our customer base, and further expand our existing collaboration with LichtBlick."
The mission: Reduce energy consumption in existing buildings
The Cleantech startup was founded at the end of 2021 with the vision of becoming the leading platform for the renovation of existing buildings. Founder and CEO Jörg Überla, together with his co-founder, architect and energy efficiency expert Marcus Dietmann, pursues the mission of reducing energy consumption in existing buildings to an average of less than 42 kWh per year and square meter. This reduction is necessary to achieve Germany's climate targets in the building sector by 2045.
The startup's platform supports property owners from researching potential renovation measures to their actual implementation. Customers also receive a government-funded, customized renovation roadmap and an additional five percent government subsidy for many of the renovation measures listed in the roadmap.
“Energy-efficient building renovation must become as easy as a Netflix subscription,”
emphasizes 42watt co-founder Überla.
