Ostrom receives 4.4 million euros

While high energy prices are making it harder for similar providers, the electricity startup has been able to attract well-known investors.

Berlin-based startup Ostrom has raised pre-seed and seed funding of €4.4 million. Investors included 468 Capital, J12 Ventures, Global Founders Capital and Übermorgen Ventures. Well-known business angels also invested money. They included investor Philipp Klöckner, Soundcloud co-founder Eric Quidenus-Wahlforss, Gorillas co-founder Jörg Kattner, Global CMO of Hellofresh Maximilian Backhaus, Tourlane CEO Julian Weselek, the Moss Founder Team of Ante Spittler, Anton Rummel, Ferdinand Meyer and Stephan Haslebacher, and well-known influencer Diana zur Löwen.

Ostrom is a digital green energy provider headquartered in Berlin and aims to make switching to green energy easier, more affordable and more transparent. Since Ostrom was launched in May 2021, the company has achieved monthly growth of more than 100 percent and, according to its own statements, a "negligible cancellation rate." Ostrom is available nationwide and has customers in over 400 cities and towns. The company has been joined by more than 150 other energy providers.

What is particularly noteworthy about the investment round is that, at first glance, it was concluded at the worst possible time: Energy prices in Germany have recently risen rapidly. This has caused major problems for some energy providers: smaller providers in particular have to buy electricity at a high price. However, since they have often contractually assured their customers that they will not raise prices, they cannot pass on the costs to them. For example, the Oldenburg-based company Kehag Energiehandel recently had to file for insolvency. However, Ostrom's investors say they nevertheless believe "in the long-term potential of the energy turnaround." Right now, they say, it is becoming clear that "digital disruption" is needed in the energy industry. "Closing our seed round in the middle of the energy crisis (...) shows the progressive thinking of our investors," says co-founder Matthias Martensen.