Contrarian Ventures, Bonventure, PropTech1 Ventures, the founder of McMakler, and several other angels recently invested a mid-single-digit million amount in 42watt. Now Obi Squared is also joining as an early-stage investor and expanding the seed financing by an undisclosed amount. The climate tech company, founded in 2021 and based in Munich, positions itself as a digital energy advisor for climate-neutral renovation of existing properties.
Beyond that, the home improvement retailer Obi and 42watt are entering into a long-term partnership. This means Obi now offers its customers a central point of contact for all questions regarding energy-efficient renovation of homes. And 42watt is opening up new distribution channels in the DIY sector through Obi’s strong brand recognition. Jörg Überla, co-founder and CEO of 42watt, says:
“Obi’s investment in 42watt is not only a vote of confidence, but a joint effort to upgrade and retrofit homes sustainably. Our product and expertise are applied where people of all ages seek advice for their own homes: in the Obi home improvement store environment.”
Manuel van de Kamp, Chief Product Officer at Obi, comments on the cooperation:
“Our partnership with 42watt is a holistic and, above all, sustainable investment to actively drive the energy transition and participate economically. 42watt has one of the currently best products on the market for energy-efficient renovation consulting and fits perfectly into the existing customer journey between the basic needs assessment for energy-efficient renovation and our in-house craftsmen network in one of the areas most strategically important for Obi.”
“42watt offers the currently most exciting and innovative product in the field of energy-efficient renovation. The implementation and excellence of the consultation provided by the team significantly increase the likelihood of realizing renovation projects many times over”,
says Felix Weber, head of Corporate Venture Capital at Obi Squared. A major advantage of investing in a startup compared to internal project development within a company is the significantly shorter time-to-market and the development of a product that focuses exclusively on customer benefit without additional constraints.
