Vamo expands seed financing to over 10 million euros

Green tech start-up Vamo has increased its seed funding to over 10 million euros. Vamo wants to accelerate the energy transition in households with data-driven heat pumps.

Cologne, October 28, 2024 - The Cologne-based green tech startup Vamo, which offers intelligent and climate-friendly heat pump solutions, has successfully expanded its seed financing round to more than 10 million euros. In an oversubscribed round, the company received 7 million euros in fresh capital led by Extantia Capital and the GET Fund. Existing investors neosfer, Caesar and Realyze also participated again. The aim of this financing is to establish Vamo as a leading brand in the field of sustainable heating technologies, expand the partner network throughout Germany and further develop the digital service offerings.

Smart heat pumps: a climate-friendly heating model of the future

Since its foundation in 2022, Vamo has been pursuing the vision of accelerating the switch to climate-friendly heating technology. With a customized service, households can switch from conventional oil or gas heating systems to modern heat pump systems within 30 days. Vamo combines heat pumps with the company's proprietary software solution "HeatOS", which digitizes and optimizes the entire process chain from installation to ongoing control. The heat pumps are also internet-enabled and are integrated into the "Heat Fleet™" network, which enables efficient control of the heating systems in real time. These networked systems not only help to save energy and reduce CO₂, but could also reduce electricity grid costs and thus make grid expansions costing billions superfluous.

We make heat pumps a no-brainer for everyone. Switching to the cheapest form of heating will be possible for homeowners without risk or effort. And best of all, you earn money by stabilizing the electricity grid of the future.

Dr. Jan Ossenbrink, co-founder and CEO of Vamo

Rapid expansion and growing customer confidence

Despite the challenges of the heat pump market, Vamo is experiencing rapid growth. Within just six months, the company has expanded from Cologne across Germany and increased its turnover six-fold compared to the previous year. Vamo now manages hundreds of smart heat pumps, which the company uses as part of its Heat Fleet™ to control network loads and optimize energy costs. According to the International Energy Agency (IEA), heat pumps have the potential to reduce global CO₂ emissions by at least 500 million tons by 2030.

Support from experienced investors

Joern Carlos Kuntze, Co-Founder and Partner at Extantia Capital, emphasizes: "Vamo will shape the future of sustainable heating. We support a team that shows that change is possible faster, cheaper and with savings for customers. Vamo proves that innovation makes green solutions more affordable." Florian Löbermann, Partner at GET Fund, is also convinced of the start-up's potential: "Vamo's data-based approach saves energy, stabilizes the power grid and reduces CO₂ emissions and infrastructure costs. We look forward to supporting Vamo in its growth."

With the new financing, Vamo is on track to expand further and make its technology the standard solution for households and businesses that want to rely on sustainable and economical heating systems. Back in fall 2023, we reported on the Startbase about a €3 million round for the start-up.