December 12, 2024
German Energy Startup SpotmyEnergy raises €10.5M in Seed Funding to Drive Smart Energy Solutions
Köln, Nordrhein-Westfalen, Germany –
SpotmyEnergy, developing comprehensive energy management solutions for private households. has raised €10.5 million in a seed funding round led by Norrsken VC, with participation from Picus Capital and Vorwerk Ventures. Founded in 2023, the company focuses on increasing the transparency and value of smart power systems for households. The funding was announced on December 11, 2024, and aims to accelerate the development of its energy management solutions while meeting rising market demand.
About SpotmyEnergy
SpotmyEnergy GmbH offers an integrated energy management system designed for private households. The system combines smart meters, energy management software, and time-of-use electricity tariffs to optimize energy flows. This enables users to reduce costs and enhance the functionality of home energy systems, such as battery storage, electric vehicles, heat pumps, and rooftop solar panels. The company’s goal is to integrate private households into the energy market, leveraging their flexibility to advance the energy transition. To date, SpotmyEnergy has built a network of over 50 electrical installation partners, with new partners joining daily.
Purpose of financing
The freshly secured funding will be allocated to scaling the company’s core team and expanding sales capacities to meet high demand. Additionally, SpotmyEnergy plans to accelerate the development of its system to optimize compatibility with various manufacturers' devices. A key focus will be on implementing intelligent trading algorithms for managing residential battery storage and integrating households into a transparent, sustainable energy market.
CEO’s Insights
Jochen Schwill, founder and CEO of SpotmyEnergy, commented:
“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.”
Investor’s Perspective
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 SpotmyEnergy 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, added:
“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, concluded:
“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.”
Look Ahead
Of the 53 million electricity customers in Germany, fewer than 2% currently own a smart meter. Furthermore, market- or grid-signal-based intelligent control of electricity consumption has seen limited adoption. SpotmyEnergy addresses these gaps by empowering households with a comprehensive energy management solution that supports the energy transition and reduces costs for users. SpotmyEnergy’s latest funding milestone underscores its commitment to empowering households to actively participate in the energy market.
For updates, visit SpotmyEnergy on LinkedIn