On Wednesday, Cologne-based SpotmyEnergy, an energy startup, announced that it has secured €10.5M in a Seed funding round led by Norrsken VC, the investment arm of the Swedish Norrsken Foundation.
Vorwerk Ventures joins as a new investor alongside existing investor Picus Capital.
The company will use the capital raised to strengthen its core team and expand its sales capacities to meet the high demand.
Additionally, this investment will speed up the development of a system to optimise connected homes, focusing on compatibility with different devices and using smart algorithms to manage residential battery storage.
Jochen Schwill, founder and CEO of SpotmyEnergy, says, “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 bring cleantech expertise to the table.”
SpotmyEnergy: Accelerating the smart meter rollout
Founded by cleantech serial entrepreneur Jochen Schwill in 2023, SpotmyEnergy aims to address the growing demand for digital and intelligent metering and the integration of millions of small systems into the energy market.
Out 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.
The German company addresses this gap with its comprehensive 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, claims the company.
Since its inception, the company has built a network of over 50 electrical installation partners. Currently, a new partner joins the platform every day to offer SpotmyEnergy’s solution to their customers.
The investor
Founded in 2016 by Niklas Adalberth, co-founder of Klarna, Norrsken VC is Europe’s leading early-stage impact venture capital fund.
It was born out of Norrsken, a non-profit impact ecosystem that connects founders with the capital, knowledge, and network they need to make saving the world their business.
Fabian Erici, Principal at Norrsken VC, says, “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.”
Vorwerk Ventures is an independent venture capital fund managing over €400M. The Berlin-based fund focuses on the consumer, climate, health, and food sectors.
Dr. Dominik Steinkühler, Partner at Vorwerk Ventures, adds, “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.”
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