Largely because of their age, homes in Europe can be notoriously difficult to heat. Most were built for a time when knowledge about energy consumption was not as available as it is today. As energy becomes more expensive and energy security becomes a geopolitical issue, tech startups looking at this issue are on the rise. What is needed is a simple way for consumers to engage with how much energy their home needs, how to manage it and, crucially, how to finance the changes needed.
An example of this from New York is Sealed, a climate technology company that designs, manages and finances climate control and electrification projects. It also recently purchased sensor startup InfiSense to fuel its energy-saving services.
In Germany, a similar startup “Enter(formerly called Baupal) which has now raised a €19.4 million Series A funding round led by Target Global. Also in the round were VC firms Coatue, Foundamental, A/O Proptech and Partech.
Homeowners complete a digital survey, then receive an assessment of their building’s energy status and suggestions to reduce their expenses. She also takes care of the appropriate subsidy applications for renovations.
Justus Menten, co-founder and managing director of Enter, says that traditional energy assessments are far too slow: “Around 200,000 homes are currently being renovated in Germany each year. But to meet our climate goals, it needs to be over a million. Today’s certified energy efficiency consultants cannot achieve this goal in the traditional way. Although the training of new consultants is already running at full speed, it will be several years before sufficient capacity is available in Germany. This is where Enter comes in,” he said in a statement.
Enter claims that 75 percent of homeowners worry they can’t afford energy-efficient renovations, which is why it’s offered as part of the service.
In addition to VCs, Enter also has business angels and advisors including Oliver Merkel, McMakler co-founders Hanno Heintzenberg and Lukas Pieczonka, taxfix COO Dr Daniel Kreter, Medwing founder Johannes Roggendorf and DST Global co-founder Tom Stafford.
Max Schroeren, co-founder and CEO, told me over the phone, “We end up with 250 data points and we only have to ask eight to nine questions. And that gives us 90% accuracy on the actual energy saving potential of the home. We then conduct a site visit with our own energy consultants to verify the data and add more and more data points. So at the end, the homeowner has a digital twin of the building and a better understanding of how to improve the home.”
Dr. Ricardo Schaefer, Partner at Target Global said: “Ensuring that our energy use is both effective and sustainable has become an important consideration for many people around the world. Through ENTER’s unique technology, homeowners are able to identify their home’s full energy potential and access energy-saving home improvements at their fingertips.”
Sarah Cannon, General Partner and Head of European Private Investments at Coatue said: “As the shift to energy sovereignty accelerates in Europe, consumers need tangible solutions to navigate the transition. Enter’s unique energy intelligence platform gives consumers direct control over their energy footprint and effective steps to improve their home’s energy efficiency, reducing climate impact.”