Wednesday, 27 September, 2023

metergrid secures €2.7M to let landlords become green energy providers

metergrid, a pioneering start-up in the tenant electricity space, announced that it has raised €2.7 million in seed funding. Leading the round is 468 Capital, with participation from footballer Mario Götze, Tiny Supercomputer Investment Company, and the recently-established Mätch VC from Baden-Württemberg. 

The injection of capital will be used to further scale the company’s operations and deliver on its mission to bring clean, affordable, and decentralized energy to the 44 million residents of multi-apartment buildings in Germany. 

To support this, metergrid offers a unique software solution to assist landlords in Germany in becoming electricity producers using solar systems, and streamlining the otherwise complex process of selling the generated energy to tenants or the national grid. This not only creates new revenue streams for Germany’s 4 million multi-apartment landlords, as well as more affordable energy for residents, but there is a need for decentralized energy solutions like metergrid to meet the world’s climate goals.

“The energy transition requires decentralized solutions. To achieve our ambitious climate goals, we must engage multi-apartment building residents throughout Europe,” states Julian Schulz, Founder and Managing Director of metergrid. “Our intelligent solutions span the entire value chain and aim to transform the market. The investment from our new partners signifies their trust in our vision and will empower us to provide even more tenants with green electricity.”

metergrid’s SaaS platform facilitates tenant electricity projects for both private landlords and SME real estate firms. The company’s end-to-end solution, from billing software to project and technology execution, coupled with an extensive partner network, positions metergrid to become the leading player in the German tenant electricity space.

The German startup has seen strong traction to-date. Despite being in the market for only 1.5 years, metergrid forecasts a ‘seven-figure’ annual turnover and is on track to supply around 25,000 tenants with green tenant electricity by the end of this year.

Driven by increasing demand from landlords and tenants, in addition to regions, such as Baden-Württemberg, Hamburg, and Berlin, mandating solar installations on new buildings and legal improvements that are expected to boost demand in the segment, metergrid has ambitious growth plans.

“By 2028, we want to equip six million multi-apartment buildings,” says Johannes Mewes, Co-Managing Director at metergrid, and previously founded Freenow. “For this, metergrid provides a scalable solution for landlords, tenants and solar installers.” 

“Johannes and Julian are an outstanding founding team with not only experience and vision, but also excellent execution skills. We are very proud that they have chosen us as their partner,” adds Bardo Droege of 468 Capital, who will support the team on the advisory board.