DREM raises 1 million euros

Marc Nemitz Marc Nemitz | 11.11.2024

Startup DREM plans to use fresh capital to digitize the heat pump market in France and drive further European expansion

Stockholm, November 11, 2024 - Stockholm-based greentech startup DREM has raised €1 million in fresh capital. The investors are venture capital firms Peak, byFounders, Redstone and Futurum Ventures. The funding is intended to drive the company's expansion in the French market for heat pumps, the largest in Europe.

Digital optimization for greater energy efficiency

DREM was founded in early 2023 and aims to simplify the heat pump purchasing process and reduce operating costs. The company uses digital pricing algorithms and AI-supported technology to optimize heating costs by adapting to weather data and hourly electricity prices.

In preparation for its market entry in France, DREM has hired Antoine Bluy, former country manager of scooter provider Lime, to lead its French operations. "The purchasing process for heat pumps is complex in every country. With our digital model, we are simplifying this process considerably, which will allow us to expand quickly into other countries," explains Babak Tighnavard, CEO and co-founder of DREM.

Growth in a difficult market environment

Despite difficult market conditions with mild winters and high interest rates, DREM expects to more than double its turnover in 2024. While the Swedish heat pump market lost 43 and 50 percent in sales volume in each of the first two quarters of 2024, DREM is holding up well in the market with a turnover rate of 10 million euros per year and a doubling of the number of employees to a total of 40 people.

"Demand continues to grow and the recent interest rate cuts in the region will benefit the industry as a whole. The additional capital from our four largest investors will allow us to accelerate our expansion in France while also looking at a roll-out in another European country for 2025," adds Tighnavard.


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