Exclusive: German electricity retailer Ostrom nets $8M
German electricity retailer Ostrom closed an $8 million Series A extension led by SE Ventures, the Silicon Valley venture arm of French energy and automation giant Schneider Electric.
Why it matters: The round will propel a planned expansion to other European markets, Ostrom tells Axios exclusively.
Details: Existing investors Union Square Ventures, Adjacent, J12, and Übermorgen joined the all-equity round.
- Ostrom raised an initial $10 million Series A in December.
- The new round pushes the startup's total funding past $23 million.
How it works: Ostrom, based in Berlin, sells electricity from wholesale markets. It also offers to manage users' consumption to reduce their utility bills.