42watt receives million seed funding 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, Sept. 25, 2023 - Climate tech startup 42watt has successfully closed a mid-single-digit million seed funding 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.

Energy-efficient building retrofits need to become as easy as subscribing to Netflix. Existing buildings account for 30 percent of CO2 emissions. That's where we start

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 developed a digital scenario planner with which property owners can create their own renovation scenarios based on ten data points and check their economic viability and eligibility for funding. Experts and craftsmen are on hand throughout the entire renovation process.

The fresh round of financing will be used to expand the product portfolio, expand the team and open up new market segments. 42watt has seen a significant increase in sales over the last 12 months. Dr. Jörg Überla, founder and CEO of 42watt, emphasized that the goal is to make energy-efficient building retrofits as easy as subscribing to Netflix.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 address 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 firm that provides capital, expertise and a broad network to social and environmental enterprises.

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