Ostrom receives 9.3 million euros

The Berlin-based green power provider wants to offer dynamic electricity tariffs soon. Now two US venture capital firms are investing in Ostrom.

Green power provider Ostrom has raised €9.3 million in a Series A financing round. The fresh capital comes from U.S. venture capital firms Adjacent and Union Square Ventures. In addition, Revent partner Henrik Grosse Hokamp and investor Jonathan Teklu joined as business angels.

In total, around 14 million euros have already flowed into the start-up. Matthias Martensen and Karl Villanueva founded Ostrom in 2021. With its green electricity tariffs, Ostrom passes on the costs for electricity consumption as well as the taxes, levies and apportionments due to consumers. The company does not charge a margin; instead, Ostrom charges a monthly basic fee of six euros for customer service, billing, procurement and supply. In this way, Ostrom aims to be more transparent than conventional electricity providers. According to its own information, the start-up already has customers in 1500 German cities.

Ostrom intends to use the money from the financing round to double its team within the next two years and to further expand the brand's offering. To do this, the startup wants to further develop its systems that enable smart charging of electric cars and optimize heat pumps, among other things.