Ostrom Raises $5M to Go Green

The German energy supplier Ostrom is going green.

The Berlin-based company has raised 4.4 million euros ($5 million) to finance its goal of making the transformation to green energy easy and affordable, Ostrom announced on Monday (Jan. 10).

This latest funding round was led by 468 Capital, J12 Ventures,

Global Founders Capital and Übermorgen Ventures. They were joined by seven angel investors including executives from Gorillas and HelloFresh.

Founded by Matthias Martensen and Karl Villanueva in 2021, Ostrom said it will use the proceeds to increase its energy products and super app in Germany, Europe and beyond.

Since its launch in May, Ostrom said it has already exceeded a seven-digit annual run rate, growing on average of more than 100% month-over-month with little churn.

Ostrom is available in Germany and boasts customers in more than 400 municipalities which places the company in the top 25% of energy providers in the country, the company said. The company also noted it has already switched clients from more than 150 energy suppliers.

“Closing our seed round in the middle of an energy crisis where unscrupulous discounters and sluggish traditional suppliers are going bankrupt left and right really shows the contrarian thinking and trust our investors have in the future of energy and Ostrom as a major player going forward,” said ‍Martensen, co-founder and CEO at Ostrom in a statement.

Pitchbook data has revealed that European venture capital (VC) valuations continue to gain traction. The third quarter (Q3) report shows that at the angel and seed round, startups received record investment in Q3 2021 as more capital has entered the earlier stages of the VC lifecycle. Per the report, the average angel and seed pre-money valuation stood at €3.8 million ($4.3 million) during that period, up 22.5% compared to the record set in 2020.

Read more:  Europe VC Ecosystem Smashes Records In Q3 2021, Setting The Stage For Promising 2022 Deals