German energy startup SpotmyEnergy has secured €10.5 million in seed funding. The round was led by Swedish VC Norrsken (which recently backed Babylon and Predium) alongside participation from new investor Vorwerk Ventures (which invested in Sorella and DUDE CHEM) and existing investor Picus Capital.
Funds utilisation
The new investment will be used to meet product demand and further expand the technological solutions. The capital raised will be used by the company to strengthen its core team and expand its sales capacities to meet the high demand. Additionally, the investment enables SpotmyEnergy to accelerate the development of its system for optimising connected households, focusing on compatibility with devices from various manufacturers and on the implementation of intelligent trading algorithms for managing residential battery storage.
Bridges gap in smart meter adoption
Of the 53 million electricity customers in Germany, less than two percent currently own a smart meter. Moreover, intelligent control of electricity consumption based on market or grid signals has not yet been widely adopted. SpotmyEnergy, a Cologne-based company founded by cleantech serial entrepreneur Jochen Schwill in 2023, addresses this gap with its energy management solution for private households.
The system includes a smart meter, energy management system, and time-of-use electricity tariff. By using the system, users save on energy costs and enhance the value of home storage systems, electric vehicles, heat pumps, and rooftop solar installations. The company’s goal is to integrate private households into the energy market through intelligent networking and use the resulting flexibility to accelerate the energy transition.
SpotmyEnergy has built a network of over 50 electrical installation partners. Currently, a new partner joins the platform every day to offer its solution to their customers.
Jochen Schwill, founder and CEO of SpotmyEnergy, stated: “Over the past year, we successfully launched our product in the market and have seen significant demand for our solutions. To meet this demand more quickly and unlock the much-needed potential of connected flexibility behind millions of meters, we decided to raise fresh capital. We are thrilled to have found three investors – Norrsken, Vorwerk Ventures, and Picus Capital – who share our vision of a transparent, affordable, and sustainable energy supply for private households and who also bring cleantech expertise to the table.”
Investors’ views
Fabian Erici, Principal at Norrsken VC, said: “Households are key to a green energy future—both as producers of green power and managers of flexible energy assets. Yet, their potential remains untapped, and installers lack the tools to unlock it. That’s why we’re thrilled to back the experienced Spot My Energy team empowering households with an all-in-one solution that cuts energy bills while driving the green energy revolution forward.”
Dr. Dominik Steinkühler, Partner at Vorwerk Ventures, said: “Jochen Schwill and his team have a deep understanding of the challenges and opportunities in the energy sector. With their vision of involving households in the energy transition through smart metering systems and dynamic energy management, they are creating a forward-thinking solution. They are exceptionally well-positioned to make a significant contribution to a sustainable and stable energy system. We are impressed by the team’s innovation and commitment and look forward to supporting them on this journey.”
Oliver Heinrich, Partner at Picus Capital, added: “We are thrilled by the progress SpotmyEnergy has made and see this investment as further confirmation of the path Jochen and his team have taken.”
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