Berlin-based proptech KUGU has raised €8.5M in Series A funding. New investors and shareholders include Tengelmann Ventures, Gewobag ID, and industry experts Michael Lowak (former CEO Germany at G+E GETEC Holding GmbH) and Axel Müller (former Member of the Management Board at QUNDIS GmbH). Both Mr. Lowak and Mr. Müller have actively supported KUGU as advisory board members since last year.
Existing shareholders Wecken & Cie., IBB Ventures, and Future Energy Ventures also reinvested. The new funds will be used to develop KUGU’s digital product portfolio as well as scaling sales and operations.
KUGU’s products optimise and control energy systems to support real estate companies in meeting their emissions targets. Its solution is built on a proprietary technology platform and the costs for the customers are fully allocatable to the tenants.
The proptech manages over 12,000 buildings on its platform and has gained over 60 companies as clients including major housing companies, municipal utilities, and leading metering service providers across Germany.
“With the continuous expansion of its product portfolio and extensive experience with major housing associations, KUGU has established itself as a significant innovation leader in digital energy solutions for the real estate sector,” said Alexander Greis, Investment Manager at Tengelmann Ventures.
“We are excited to support the team on its growth journey with our expertise in retail and commercial real estate.”
KUGU has also gained a strong partner in the housing sector with Gewobag ID: “We see KUGU as a long-term partner that brings impressive expertise and agility to actively drive decarbonization in the real estate sector with smart digital solutions,” added MD Sven Harke-Kajuth.
With the investment, KUGU plans to optimise approximately 50,000 buildings on its platform and hopes to reach profitability.
By Tech.eu
Source: Tech.eu
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