German energy IoT startup GreenCom raises €12M to expand internationally
Munich-based GreenCom has raised €12 million in the round led by Shell Ventures and supported by Japanese VC firm Energy & Environment Investment, as well as existing investors Centrica, E.ON’s Future Energy Ventures, Munich Venture Partners, and SET Ventures.
Founded in 2011 and led by Christian Feißt and Peter Müller-Brühl, GreenCom develops an IoT platform for home energy management. Its SaaS energy information brokerage platform is able to connect, control and optimise home energy devices such as solar PV systems, battery storage units, heat pumps and electric vehicle chargers, across a range of different models and manufacturers.
GreenCom also enables the end customer services like energy communities, energy flat rates, as well as optimisation and visualisation of energy flows in homes for utilities and manufacturers of energy-relevant devices.
“The investment enables GreenCom to expand its strategy of international growth and to further enhance its pioneering position as the leading residential energy IoT company in Europe,” the startup said about its further plans.
In particular, the proceeds will help to connect GreenCom with new heat pump, inverter and battery storage manufacturers in Asia.
Leading investor Shell Ventures is the corporate venture capital arm of Royal Dutch Shell plc. With major offices in Europe, the USA, India and China, Shell Ventures works with startups and Small & Medium Enterprises from their early stages to their scale and growth phases. Its investment focus is a mix of oil and gas, renewable energy and cleantech, new fuels for transport, smart mobility and digital.