Metergrid, headquartered in Stuttgart, is a startup dedicated to offering eco-friendly electricity to tenants. On Wednesday, the company revealed its successful €2.7 million seed funding round, with tech investment firm 468 Capital taking the lead.
In the early-stage funding round, Mätch VC, Tiny Supercomputer Investment Company, and German footballer Mario Götze joined forces with 468 Capital to support Metergrid.
The capital infusion will enable Metergrid to expand its operations and make affordable, clean energy accessible to millions of apartment tenants throughout Germany.
Julian Schulz, the founder and managing director of Metergrid, expressed gratitude for the trust placed in their vision by the new partners, emphasizing that it would empower them to provide green electricity to even more tenants.
Established in 2020, Metergrid assists private landlords and small-to-medium-sized real estate firms in creating tenant electricity initiatives. The startup simplifies the process for landlords to provide renewable energy to their tenants through its comprehensive SaaS platform, covering everything from billing software to project execution.
Metergrid underscores the importance of decentralized solutions in the shift towards green energy and highlights the need for engaging with residents in multi-apartment buildings across Europe.
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Crafting Mutually Beneficial Solutions
In the traditional setup, sustainable electricity production benefits primarily homeowners and landlords, who can harness off-the-grid power generated at their properties and may qualify for government incentives. Renters, however, are typically bound by standard electricity agreements and rely solely on the grid for their power needs.
The german startup introduces the concept of tenant electricity, empowering renters to reap the rewards of decentralized electricity generation, such as photovoltaic systems installed on their rooftops. This newfound autonomy reduces their dependence on the centralized power grid.
Furthermore, tenant electricity enables renters to actively participate in the transition to clean energy, even if they do not own the properties they inhabit. As a result, tenants experience significant reductions in electricity costs, while landlords generate additional income from the system.
Metergrid’s platform simplifies this setup, enabling landlords to charge tenants based on their electricity consumption. Importantly, landlords only incur costs when a tenant opts to join the energy project.
According to the startup, their platform can substantially reduce operating expenses by up to 80%, offering a legally secure billing system for all parties involved in the energy transaction.
Metergrid’s Impressive Growth Momentum
The startup is poised to achieve a “seven-figure” annual turnover by the conclusion of 2023, along with a goal of supplying renewable energy to 25,000 apartment residents this year. Metergrid attributes this surge in demand to the increasing interest from both landlords and tenants in adopting green electricity solutions.
Certain regions in Germany, such as Baden-Württemberg and Berlin, have enacted regulations mandating solar-power installations in new construction projects, further propelling the growth of this sector.
Johannes Mewes, co-managing director of Metergrid, outlines an ambitious vision, aiming to equip six million multi-apartment buildings by 2028. In pursuit of this goal, Metergrid offers a scalable solution that benefits landlords, tenants, and solar installers alike.
Investors are drawn to the company’s substantial growth potential and the extensive industry expertise of its co-founders. Bardo Droege, senior associate at 468 Capital, expresses pride in being chosen as their partner and will also join Metergrid’s advisory board.
