Berlin-based Purpose Green, a climate technology firm, announced on Thursday that it has raised €3.3M in a round of funding led by Speedinvest and Atlantic Labs.
The company says it will use the funds to strengthen its team by bringing in experts in ESG, climate, and building domains. It will also facilitate the company’s expansion within Germany, while continuously developing its service and support portfolio.
Purpose Green focuses on helping the building sector reduce its carbon emissions through holistic end-to-end solutions. With a team of more than 35 experienced real estate, construction, and digital industries specialists, the company’s goal is to help the building sector meet the Paris Agreement climate target of 1.5 degrees Celsius.
“Financing on this scale, and in such a short period of time in the current market environment, confirms that we have created an offering that meets immense demand and contributes to solving current problems in the European construction industry,” says Lucas Christel, co-founder and managing director operations of Purpose Green.
“We are pleased to have attracted Speedinvest and Atlantic Labs, two of the most renowned early-stage investors in Europe,” adds Christel.
The company’s mission
The European Commission estimates that the building sector accounts for 40 per cent of energy consumption and 36 per cent of greenhouse gas emissions in Europe. In Germany, the building sector is a major source of CO2 emissions. The commission also estimates that 240 million buildings in Europe need renovation as they no longer meet regulatory standards for emissions.
Unfortunately, according to Purpose Green, most building owners lack a comprehensive overview of their properties’ energy data. In addition, setting bureaucratic hurdles aside, energy modernisation measures can be costly and time-consuming.
This makes building refurbishment a complex process for both individual owners and portfolio holders. Existing market solutions tend to focus on complete refurbishment, which is economically viable in only a few cases.
This is where Purpose Green comes in.
It has developed a holistic, hybrid end-to-end solution for energy retrofits and long-term ESG management. This “one-stop shop” provides a cost-effective and time-saving way to decarbonise the building sector.
How Purpose Green works
The company provides a range of services to help customers decarbonise their buildings. These include inventory screening, initial ESG assessments, and decarbonisation pathways based on CRREM standards.
They also offer simulations of energy-saving measures, energy consulting, customised renovation roadmaps for residential buildings (iSFP), and energy consulting reports for non-residential buildings.
In addition, they provide on-site inspections, data recording, ACTUAL-TARGET analyses, assistance in securing funding from BAFA/KfW and local programmes, support in financing construction costs, project management, and the implementation of energetic action plans. For long-term support, they offer Purpose Green Asset Service for managing inventory.
Purpose Green’s process starts with gathering essential property data and creating a digital 3D model of the building, providing owners with a comprehensive view of its energy status. Based on the data, a team of energy consultants and construction experts will create a plan and execute the required energy-related construction and renovation measures.
“Europe’s building sector is in urgent need of innovative solutions as it strives to achieve climate neutrality. When we learned about Purpose Green’s vision and technology, we were immediately intrigued,” says Andreas Schwarzenbrunner, partner at Speedinvest.
“We are convinced that their platform will play a pivotal role in Europe’s energy transition and become the real estate industry’s preferred partner,” adds Schwarzenbrunner.
New customers who are still unsure about the services provided can even sign up for a free initial consultation and assessment. To date, Purpose Green has carried out over 600 tailored renovations based on each building’s needs.