42watt successfully expands seed round by millions

With a further expansion of the seed round, 42watt secures a mid-single-digit million amount, led by Eneco Ventures, for further solid growth

Munich, January 17, 2024 - Munich-based PropTech start-up 42watt has once again expanded its seed round launched in September 2023 due to continued investor interest. Eneco Ventures, PT1 and BonVenture are jointly participating in the new financing round with a mid-single-digit million amount.

The decision to extend the seed round again was made because the previous round was already oversubscribed. The aim of 42watt is to use the additional funds to create a solid basis for further growth. The round is being led by venture capitalist Eneco Ventures. Existing investors PT1 and BonVenture are also contributing additional funds. Other investors in the start-up are Contrarian Ventures, OBI Squared Ventures and the business angel club better ventures.

We are delighted to be able to count Eneco among our investors. Eneco has a clear focus on decarbonization.

Dr. Jörg Überla, co-founder and CEO of 42watt

The building sector in the EU is responsible for 36 percent of annual greenhouse gas emissions and thus represents an obstacle on the path to climate neutrality by 2050. 42watt aims to double the annual renovation rate in Germany in order to achieve this goal.

Jordy Klaassen, Investment Manager at Eneco Ventures, sees the partnership as a strategic initiative: "Our investment in 42watt is not just a financial commitment, but a strategic partnership to drive meaningful change in the field of energy renovation."

42watt, founded in Munich at the end of 2021 by Dr. Jörg Überla and Marcus Dietmann, has set itself the goal of significantly reducing energy consumption in existing buildings. The start-up's vision is to enable every property owner to renovate their own home in a climate-neutral way.