metergrid receives 2.7 million euros seed investment

metergrid receives 2.7 million euros in seed investment led by 468 Capital to promote tenant electricity in apartment buildings. The aim is to provide clean and affordable energy for 22 million households. Footballer Mario Götze also involved.

Stuttgart, 27 September 2023 - metergrid, a startup specializing in tenant electricity, has successfully closed a seed investment round, raising 2.7 million euros. The round was led by 468 Capital, a Berlin-based venture capital firm. Other investors include the German professional soccer player Mario Götze (Eintracht Frankfurt), the international VC firm Tiny Supercomputer Investment Company and the new fund from Baden-Württemberg, Mätch VC. This fresh capital will be used to support the company's growth and expand its product offering to promote the spread of tenant electricity.

Johannes and Julian are an outstanding founding team that not only has experience and vision, but also outstanding implementation skills.

Bardo Droege, 468 Capital

metergrid aims to provide clean, cost-effective and decentralized energy for a total of 22 million households in multi-party buildings. Landlords in Germany already have the option of using solar panels on their buildings to generate electricity and sell it to their tenants. However, the implementation of this concept is complicated due to the large number of partners involved and the administrative effort involved. This is where metergrid comes in by offering a simplified onboarding process. This includes support with communication with the authorities, the creation of a suitable metering concept and the provision of the required metering technology. Customers also receive a software-as-a-service solution to carry out the billing and management of their systems independently. The new "metergrid Plus" product was recently introduced, which handles all communication, administration and billing with the residents.

Focus on photovoltaic systems on apartment buildings

The startup aims to support the market for photovoltaic systems in apartment buildings, as decentralized solutions are seen as an important part of the energy transition. Julian Schulz, founder and co-CEO of metergrid, emphasized the importance of involving residents of apartment buildings across Europe in order to achieve climate targets. The investment of the new partners reflects the confidence in this vision and should help to attract more landlords of green electricity for their tenants.

The market offers potential, as there are around 4 million landlords in Germany who could supply around 40 million residents of multi-party buildings. In addition, there are legal requirements in many federal states that promote the use of photovoltaic systems in new buildings and increase demand in this area.

metergrid has already shown in a short space of time that its concept works. The start-up is forecasting a seven-figure annual turnover for 2023 and plans to supply around 25,000 tenants with green tenant electricity by the end of the year. This has attracted the interest of investors, including Johannes Mewes, co-founder of Freenow, who has joined metergrid as an investor and Managing Director.

By 2028, we want to make it possible to supply six million apartment building residents with green and decentralized electricity

Johannes Mewes, Co-Managing Director at metergrid

Johannes Mewes, Co-Managing Director at metergrid, stated that he wants to supply six million residents of apartment buildings with green and decentralized electricity by 2028. He emphasized the experience of metergrid's founding team and its success in developing businesses with large numbers of users. Bardo Droege from 468 Capital is looking forward to the collaboration and will support the metergrid team on the Advisory Board in the future.