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42watt, a German PropTech start-up, has successfully extended its seed round, securing a mid-single-digit million amount for continued growth. Eneco Ventures, PT1, and BonVenture are collaborating in this financing round, driven by the overwhelming investor interest following the initial round launched in September 2023.
The decision to expand the seed round further stems from the oversubscription of the previous round. With Eneco Ventures leading the round, along with additional contributions from existing investors PT1 and BonVenture, 42watt aims to establish a robust foundation for its ongoing expansion. Other notable investors in the start-up include Contrarian Ventures, OBI Squared Ventures, and the business angel club better ventures.
Dr. Jörg Überla, co-founder and CEO of 42watt, expressed enthusiasm about Eneco Ventures joining as an investor, highlighting their commitment to decarbonization. The EU building sector, responsible for 36% of annual greenhouse gas emissions, poses a challenge to achieving climate neutrality by 2050. 42watt endeavors to double the annual renovation rate in Germany to address this issue.
Jordy Klaassen, Investment Manager at Eneco Ventures, sees the partnership as a strategic initiative, emphasizing it as more than a financial commitment but a collaboration to drive meaningful change in energy renovation. Founded in Munich in 2021 by Dr. Jörg Ãœberla and Marcus Dietmann, 42watt’s mission is to significantly reduce energy consumption in existing buildings, allowing every property owner to renovate their homes in a climate-neutral way.
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By Proptechbuzz
By Ravi Kumar
