Frequency raises 13 million euros

The start-up wants to reduce companies' electricity costs with an AI. Now new investors are getting on board.

Berlin-based startup Frequency has closed a Series A financing round worth 13 million euros. Amsterdam-based capital provider SET Ventures and 468 Capital are investing in the deal. Payback founder Alexander Rittweger also participated in the round. The founding team itself has also invested a million euro amount in its own company.

The startup, founded in 2019, aims to reduce its customers' grid purchases and electricity costs. It aims to achieve this through AI-based forecasts of supply prices and individual electricity consumption. In recent months, Frequenz has tested its concept with supermarket chains such as Edeka and Netto, as well as SMEs. According to the company, the targeted savings in energy costs were actually exceeded.

"We did it once, we can do it again," says Thomas Nicolai, co-founder and CEO of Frequenz. He and his co-founders Lars Kirchhoff and Thomas Brandhoff have successfully founded Sociomantic in the past.

According to Till Stenzel, venture partner at SET Ventures, the team brings "a fresh and pragmatic approach by transferring their know-how and experience in analyzing and processing big data volumes to the energy world." Stenzel will be a member of Frequency's advisory board in the future.