42watt receives millions in seed financing from Contrarian Ventures and existing investors

Munich-based climate tech start-up 42watt secures significant seed funding in the millions, led by Contrarian Ventures. The funds will be used to expand the product portfolio and grow the team

Munich, 25.09.2023 - Climate tech start-up 42watt has successfully closed a mid-single-digit million seed financing round. Contrarian Ventures, a European climate tech fund, led the round, and existing investors such as BonVenture, Proptech1, Felix Jahn (founder of McMakler) and Christoph Behn also participated.

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Dr. Jörg Überla, founder and CEO of 42watt

Founded at the end of 2021, 42watt's mission is to drastically reduce the energy consumption of existing buildings in order to achieve Germany's climate targets by 2045. The company has developed a digital scenario planner that allows property owners to create their own refurbishment scenarios based on ten data points and check their cost-effectiveness and eligibility for funding. Experts and tradespeople are on hand throughout the entire refurbishment process.

The fresh round of financing will be used to expand the product portfolio, grow the team and tap into new market segments. 42watt has recorded a significant increase in turnover in the last 12 months. Dr. Jörg Überla, founder and CEO of 42watt, emphasized that the goal is to make energy-efficient building renovation as easy as a Netflix subscription.Tomas Kemtys, General Partner at Contrarian Ventures, stresses the urgency of decarbonizing the building stock in the fight against climate change. He praises the founders of 42watt for their pragmatic approach and innovative solution to tackle this challenge.

The investors

Contrarian Ventures is an early-stage climate fund that invests in innovative teams in Europe and Israel. The company focuses on climate tech and supports founders in developing transformative solutions to the challenges of climate change.

BonVenture is a social venture capital company that supports social and ecological enterprises with capital, expertise and a broad network.

PropTech1 Ventures invests in innovative real estate technology start-ups and supports entrepreneurs who are developing solutions to the challenges of the real estate market. The company aims to achieve a double return for investors and society.