Technology-enabled heating provider Thermondo raises 21 million euros and expands its management team

Nov. 2, 2017, 6:14 p.m.

Berlin, 02 November 2017. The German heating provider Thermondo has successfully completed a new financing round of 21 million euros. With this round, the Dutch energy company Eneco and the household appliances manufacturer Vorwerk have joined the board of the Berlin-based company. Existing investors, Holzbrinck Ventures and the VC Fonds Technologie of the IBB Beteiligungsgesellschaft, also participated in the financing round. The new capital will be used for growth and for the further development of the technology platform. Thermondo announced that it will be focusing on its product and software development.

"We are very happy about our new shareholders joining the board. The new investors bring to the table additional relevant expertise for our business. This was our goal. Vorwerk is a European leader in direct sales and has contact to thousands of homeowners every day. Eneco is a European market leader in the Connected Home segment with over 300,000 installed systems, "said Philipp Pausder, Managing Director of Thermondo.

The young heating company has seen unbroken interest from investors, as it is disrupting the traditional, fragmented heating market with its new software solution. According to the German Association of Energy and Water Industries, around 15 million heaters would need to be retrofitted in Germany by 2020. Currently, less than 20 percent of the heaters are state-of-the-art. With the help of its intelligent algorithm and a radical focus on customer needs, the potential of this huge market can be realized much more efficiently. Thermondo has already enabled more than 9,000 customers to reduce their CO2 emissions.

"We are convinced by Thermondo’s business model, because many homeowners and landlords now see themselves as self-determined prosumers. They want smart apartments and houses. This also includes modern and efficient heating systems, that can be selected and installed quickly and easily. This is exactly the service that Thermondo offers to its customers. What also sets Thermondo apart from the local, traditional craftsmen is that it provides a comprehensive market overview as well as consultation on subsidy schemes. In addition, Thermondo was the first company to recognize the great potential for its industry and completely digitized the processes around the modernization of heating systems, "said Dirk Meurer of Vorwerk. 

Jorie Kamp of Eneco is also convinced that new opportunities can be realized in a changing energy market: "Thermondo has developed a successful digital model that can be used to optimise the energy system of individual homes. As for our connected home products we aim to build a long-term customer relationship with our customers to work together towards a sustainable household. Eneco is very interested to integrate the Thermondo software in our business model to facilitate customers to reduce CO2 emissions.” 

For its next growth phase, Thermondo has built up its management team and has brought in three growth-oriented managers over the past few months: André Heeg (Sales), David Hanf (Finance, HR), Jessica Tan (Product). The two co-founders Florian Tetzlaff and Kristofer Fichtner have left their operational roles during the recent capital increase and remain on Thermondo’s board.