Sustainable home startup Enter raises €19.4M in Series A funding to help people decarbonize their homes
Home energy usage accounts for about 21% of total U.S. energy consumption, according to data from the US Department of Energy. However, most homes in the United States are energy vampires, with US homes consuming more energy than their other developed nations. For example, a typical US household consumes about 11,700 kWh each year, in France it is 6,400 kWh, in the UK it is 4,600 kWh and in China around 1,300 kWh.
But that does not mean Europe is far better. In Germany, for example, 23 million properties are in poor energy conditions. As a result, 70 million tons of CO2 are emitted per year, which ends up causing global warming. It’s for this reason that one German tech startup Enter (formerly known as Baupal) is on a mission to help homeowners decarbonize their homes and make their homes more energy efficient so that the country can achieve its energy transition goal.
Enter provides homeowners with a range of services including home energy audits, procurement, financing, and energy monitoring, all via its mobile app. Enter also provides conveyor services that incorporate various energy-efficient features such as solar thermal heating, facade insulation, basement ceiling insulation, and biomass heating.
To further expand its offering in Germany and beyond, Enter announced today it raised a €19.4 million Series A financing round led by Target Global, with participation from Coatue, Foundamental, A/O Proptech, and Partech.
Founded in 2020 by CEO Justus Menten, Max Schroeren, and Alexander Mueller, the Berlin, Germany-based Enter also offers personalized guidance and project planning based on the specific framework conditions of each user.
“Around 200,000 properties are currently being renovated in Germany every year. To ensure that the 1.5-degree target is not missed, more than a million have to be renovated. With Enter, homeowners can optimize their property energetically and make all relevant decisions on the way to a CO2-neutral home,” Enter said on its website.