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Exclusive: German electricity retailer Ostrom nets $8M

Illustration of an electrical cord with the prongs in the shape of the euro symbol

Illustration: Sarah Grillo/Axios

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.

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