metergrid receives 2.7 million euro seed investment

metergrid receives €2.7 million seed investment led by 468 Capital to promote tenant electricity in multi-apartment buildings. The goal is to provide clean, low-cost energy to 22 million households. Soccer player Mario Götze also involved.

Stuttgart, September 27, 2023 - metergrid, a startup specializing in tenant electricity, has successfully completed a seed investment round, raising €2.7 million. The round was led by 468 Capital, a Berlin-based venture capital firm. Other investors include German professional soccer player Mario Götze (Eintracht Frankfurt), international VC firm Tiny Supercomputer Investment Company and 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 execution skills.

Bardo Droege, 468 Capital

metergrid aims to enable clean, low-cost and decentralized energy for a total of 22 million households in multi-apartment buildings. Landlords in Germany already have the option of generating electricity with the help of solar panels on their buildings and selling it to their tenants. However, the implementation of this concept is complicated due to the large number of partners involved and the administrative effort. This is where metergrid comes in by offering a simplified onboarding process. This includes support in communicating with the authorities, creating a suitable measurement concept and providing the required measurement technology. Customers also receive a software-as-a-service solution to carry out the billing and management of their systems independently. Recently, the new product "metergrid Plus" was introduced, which takes over the entire communication, administration and billing with the building residents.

Focus on photovoltaic systems on multi-apartment buildings

The startup aims to support the market for photovoltaic systems in multi-apartment buildings, as decentralized solutions are seen as an important part of the energy transition. Julian Schulz, founder and co-managing director of metergrid, emphasized the importance of engaging residents of multi-party buildings across Europe to achieve climate goals. The investment from the new partners reflects confidence in this vision and should help attract increased green power landlords to their tenants.

The market offers potential, as there are about 4 million landlords in Germany who could supply about 40 million residents of multi-apartment buildings. In addition, there are legal requirements in many German states that encourage the use of photovoltaic systems in new buildings, increasing demand in this area.

metergrid has already demonstrated in a short time that their concept works. The startup is forecasting seven-figure annual sales in 2023 and plans to supply green tenant electricity to around 25,000 tenants by the end of the year. This has attracted interest from 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 for six million multi-apartment building residents to be supplied with green and decentralized electricity

Johannes Mewes, Co-Managing Director at metergrid

Johannes Mewes, co-managing director at metergrid, stated that by 2028, we want to enable six million residents of multi-apartment buildings to be supplied with green and decentralized electricity. 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 cooperation and will support the metergrid team in the Advisory Board in the future.