42watt’s seed round continues to grow: After the Munich cleantech startup announced a successful seed financing round in autumn 2023, a first expansion through Obi Squared, the corporate venture capital arm of the home improvement retailer, followed in November of the same year. Now the already oversubscribed round is being expanded again by a mid-single-digit million amount. Venture capital investor Eneco Ventures is leading the round. Existing investors PT1 and BonVenture are also contributing additional capital.
Jörg Überla, co-founder and CEO of 42watt, comments on the current expansion:
“We are pleased to have Eneco among our investors. Eneco clearly focuses on decarbonization. This fits perfectly with our mission to make existing buildings in Germany and Europe climate-neutral.”
More than financial engagement
Jordy Klaassen, Investment Manager at Eneco Ventures, looks forward to the collaboration:
“Our investment in 42watt is not just a financial engagement, but a strategic partnership to drive meaningful change in the field of energy-efficient building renovation. Together, we will support the achievement of climate goals and reach our targets within the framework of the One Planet Plan. We leverage our extensive knowledge of the energy market, reach more than five million people through our customer base, and continue to expand our existing collaboration with LichtBlick.”
The mission: reducing energy consumption in existing buildings
The cleantech startup was founded in late 2021 with the vision of becoming the leading platform for renovating existing buildings. Founder and CEO Jörg Überla pursues, together with his co-founder, architect and energy efficiency expert Marcus Dietmann, the mission to reduce energy consumption in existing buildings to an average of below 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 possible renovation measures to their actual implementation. Customers also receive a government-subsidized individual renovation roadmap as well as an additional government subsidy of five percent on many renovation measures listed in the roadmap.
“Energy-efficient building renovation must become as simple as a Netflix subscription,”
emphasizes 42watt co-founder Überla.
