Six million euros for German start-up Thermondo

German Climate-KIC start-up Thermondo, pioneer of the digital revolution in the heat solution and installation market, raised capital from new and existing investors from the energy and digital economy.

Holtzbrinck Ventures and Rocket Internet became shareholders of Thermondo. The two new investors joined E.ON, IBB Beteiligungsgesellschaft and Grey Corp. All investors had participated in the current round to the value of €6 million.

Revolutionary approach

Lars Langusch, partner at lead investor Holtzbrinck Ventures: “The team at Thermondo has managed to digitize a very complex craft service to a very high degree. This revolutionary approach combined with impressive growth convinced us to invest.” The company digitizes the process of the HVAC (heating, ventilation and air conditioning) exchange – from lead generation, sales, installation to after – sales.

This deep vertical integration leads to market disrupting service quality and an outstanding customer experience. At thermondo.de homeowners enter 15 data points about their current heating system and their future needs. An algorithm matches the customer requirements with solutions and provides quotes in real time. In addition to the algorithm, Thermondo created the largest digital product database with millions of solution packages for gas, oil heating systems and for solar based systems.

Fully vertically integrated, locally based teams install the new HVAC system at the customer’s homes. House owners benefit by enjoying an extremely efficient installation process, providing a customized HVAC system – often at prices significantly lower than those of conventional companies.

Digital energy services hold the future

“Digital energy services will change the energy world fundamentally. Therefore, we have confirmed our investment in Thermondo. The current partnership has shown that both sides can benefit: Thermondo gets access to our online channels and E.ON can offer new digital customer-friendly services.

Through the reinvestment in Thermondo we will strengthen our innovation ability”, says Susana Quintana Plaza, Senior Vice President of Technology and Innovation at E.ON.

Thermondo is technology-driven along the value chain: Manufacturers and wholesalers are connected via an interface with the IT of Thermondo, which enables just-in-time delivery of the hardware and simplifies the ordering process. Thermondo is an inventory free company.

The installation teams are connected with a proprietary Android app, which collects all the relevant information for the preparation and management of the installation. Centralized procurement translates into economies of scale at extremely low transaction costs.

Further growth in 2015

“We are happy to welcome Holtzbrinck Ventures and Rocket Internet as shareholders. Both have shown fantastic success as investors. Together with our diverse group of investors, we will scale Thermondo further, so that thousands of homeowners will enjoy a new and better customer experience”, says Philipp Pausder, co-founder and CEO of Thermondo.

The fast growing start up employs 90 people, half at its headquarters in Berlin and the other half in 12 German metropolitan regions. In 2015 more than 140 new hires are planned to support the rapidly growing business.

Thermondo was supported by the German Climate-KIC Accelerator from October 2012 until April 2014.

 
Location
Related Focus Area
Urban Transitions
Articles you may be interested in
In The News
For cities to become climate-resilient, they need to invest in capability buil...

As cities grapple with transforming and adapting to meet...

For cities to become climate-resilient, they need to invest in capability building
In The News
EIT Climate-KIC signs declaration ‘EU Green Deal: from local to global’

All around the globe, cities and regions are driving...

EIT Climate-KIC signs declaration ‘EU Green Deal: from local to global’
In The News
EIT Climate-KIC organises first Festival of Circular Economy and Bioeconomy in...

Running from November 28 to December 2, the activities...

EIT Climate-KIC organises first Festival of Circular Economy and Bioeconomy in Santander
In The News
What does climate action look like for the Culture and Creative Sector Industr...

The Culture and Creative Sector Industries (CCSI) can play...

What does climate action look like for the Culture and Creative Sector Industries?
In The News
Collaboration and knowledge sharing is key to unlocking capital for climate ne...

In order to reach net zero by 2030, or...

Collaboration and knowledge sharing is key to unlocking capital for climate neutrality
In The News
Gipuzkoa shapes the green future with local actors

Gipuzkoa is taking action towards sustainability through collaboration with...

Gipuzkoa shapes the green future with local actors
In The News
How can we enable African climate innovation to thrive?  

Much of the discussion around COP27 this year has...

How can we enable African climate innovation to thrive?  
In The News
EIT Climate-KIC and partners publish recommendations to include systemic lands...

The European Green Deal represents a unique opportunity for...

EIT Climate-KIC and partners publish recommendations to include systemic landscape thinking into EU policies to achieve the Green Deal
In The News
The challenges of building a resilient farmers’ community in Africa

Audrey S-Darko is a researcher and a farmer from...

The challenges of building a resilient farmers’ community in Africa
In The News
EIT Climate-KIC joins business and civil society to call on governments to uph...

As the official COP27 outcomes are being drafted this...

EIT Climate-KIC joins business and civil society to call on governments to uphold commitments to 1.5
In The News
Climate innovation: “The purpose is people, everything else is just the mean...

Massamba Thioye is leading the UN climate change Global...

Climate innovation: “The purpose is people, everything else is just the means”
In The News
Become a European Climate Leader

The Climate-KIC International Foundation is looking for a Supervisory...

Become a European Climate Leader
In The News
EIT Climate-KIC launches open-access database to map start-up ecosystem, now w...

Climate start-ups supported by EIT Climate-KIC are now worth...

EIT Climate-KIC launches open-access database to map start-up ecosystem, now worth €11.8 billion in combined enterprise value
In The News
Slovenia higher education reform aims to create a supportive environment for s...

Slovenia’s ministry of higher education is gearing up for...

Slovenia higher education reform aims to create a supportive environment for students and teachers
In The News
Co-designing the future of coal regions

EIT Climate-KIC launches the Post Coal Future Lab initiative...

Co-designing the future of coal regions
In The News
Bringing in business is key to achieving systems transformation on the climate...

“What does it mean to enable businesses to deal...

Bringing in business is key to achieving systems transformation on the climate crisis
In The News
What will it take to build the New European Bauhaus?

“Beautiful, Sustainable, Together”. These are the values – and...

What will it take to build the New European Bauhaus?
In The News
EIT Climate-KIC selects five partners in Global South to implement gender main...

The intersection of climate and innovation remains a male-dominated...

EIT Climate-KIC selects five partners in Global South to implement gender mainstreaming into entrepreneurship
In The News
Citizens inspire a car-free Leuven

A broad survey, possible solutions displayed on screens, inspirational...

Citizens inspire a car-free Leuven
In The News
EIT Climate-KIC accelerates climate tech solutions for a net-zero Africa 

Climate-focused start-up teams in developing countries face distinct challenges...

EIT Climate-KIC accelerates climate tech solutions for a net-zero Africa 
In The News
New European Bauhaus Hackathons will reward most innovative solutions

EIT Community New European Bauhaus partners will be hosting...

New European Bauhaus Hackathons will reward most innovative solutions
In The News
Slovenia takes a pivotal turn towards circularity

Slovenia has decided to actively combat climate change by...

Slovenia takes a pivotal turn towards circularity
In The News
Innovative climate projects part of EIT Community New European Bauhaus initiat...

The European Institute of Innovation and Technology (EIT) has...

Innovative climate projects part of EIT Community New European Bauhaus initiative
In The News
A new air and climate plan for Milan

The City Council of Milan approved the Air and...

A new air and climate plan for Milan
In The News
Meet the three EIT Climate-KIC innovators nominated for EIT Awards

Three innovators from EIT Climate-KIC’s community have been nominated...

Meet the three EIT Climate-KIC innovators nominated for EIT Awards
In The News
100 European cities take up the challenge to become carbon neutral by 2030

On Monday 13 June, the representatives of the 100...

100 European cities take up the challenge to become carbon neutral by 2030
In The News
The role of cities and regions in transforming wood value chains

Climate smart forest economies It’s a crucial decade for...

The role of cities and regions in transforming wood value chains
In The News
Glasgow City Region pioneering forest economy innovation to drive climate acti...

Scotland’s largest city region is actively tackling climate change...

Glasgow City Region pioneering forest economy innovation to drive climate action
In The News
Forging sustainable timber construction in Europe

EIT Climate-KIC and Built by Nature, announce an initiative...

Forging sustainable timber construction in Europe
In The News
EIT Climate-KIC launches new Circularity Thinking training programme

EIT Climate-KIC is launching Circularity Thinking courses to tackle...

EIT Climate-KIC launches new Circularity Thinking training programme