Direct selling company Vorwerk and energy provider Eneco have participated in a €21m ($24.3m) funding round for Thermondo, the Germany-based provider of a digital heating installation service.
Holtzbrinck Ventures and Investitionsbank Berlin (IBB) also contributed to the round. A report in August this year by German daily Gründerszene stated the corporates would invest an undisclosed sum to each take a 6.5% stake in Thermondo.
Founded in 2012, Thermondo has created a platform that connects heating equipment makers with consumers, simplifying the ordering process and collecting all the necessary installation information.
The company focuses on environmentally friendly offerings such as fuel cells and solar energy. It plans to invest the funding in product and software development as well as further growth.
Thermondo had previously secured $26m in a June 2016 series C round backed by energy utility Eon, Holtzbrinck Ventures, IBB, Picus Capital and Global Founders Capital, the VC firm set up by the founders of e-commerce group Rocket Internet.
Eon, Rocket Internet, IBB and Grey Corp, the latter of which has since rebranded to 10x, had already provided $6.4m of series B funding for Thermondo in 2015, the year after Eon had invested an undisclosed amount in the company.
Jorie Kamp of Eneco said: “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.”