Cologne-based energytech SpotmyEnergy has secured €10.5M euros in a Seed round.
The round was led by Norrsken VC, the investment arm of the renowned Swedish Norrsken Foundation. Additionally, Vorwerk Ventures joins as a new investor alongside existing investor Picus Capital.
The new capital will enable the company to increase manufacturing and invest in technological development. SpotmyEnergy’s system includes a smart meter, energy management system and time-of-use electricity tariff. The energy management solution applies to home storage systems, electric vehicles, heat pumps, and rooftop solar installations.
SpotmyEnergy has now accrued a network of over 50 electrical installation partners, with a new partner joining every day.
The investment enables SpotmyEnergy to accelerate the development of its system for optimizing connected households, focusing on compatibility with devices from various manufacturers and on the implementation of intelligent trading algorithms for managing residential battery storage.
Jochen Schwill, founder and CEO of SpotmyEnergy, commented on the raise:
“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.”
Fabian Erici, Principal at Norrsken VC, noted SpotMyEnergy’s alignment with the firm’s strategy:
“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.”