GreenCom Networks, a Germany-based provider of energy internet-of-things (IoT) software, has closed a €12m ($14.5m) funding round co-led by Shell Ventures, the corporate venturing arm of oil producer Shell.
The round was co-led with venture capital firm Energy & Environment Investment, with additional funding coming from Centrica, fellow energy utility Eon’s Future Energy Ventures platform, Munich Venture Partners (MVP) and Set Ventures.
Founded in 2011, GreenCom provides an energy information brokerage platform that integrates home energy devices such as solar photovoltaic systems, battery storage units, electric vehicle chargers and heat pumps.
Consumers can manage their energy usage through the platform to reduce costs and share energy with other members of their community. GreenCom’s enterprise customers include Centrica, its German peer RheinEnergie and a smart city district in Germany.
The company said it will use the investment to cement its position in the energy IoT sector in Europe and expand into new international markets.
Centrica had previously led a February 2019 round of undisclosed size for GreenCom that included Set Ventures, MVP and Cosmos. It came after Set Ventures and MVP had invested an undisclosed amount in the company in 2017.