Novo Raises $1.1M in Pre-Seed Funding to Automate Energy Renovations
Novo, a Berlin, Germany-based startup that automates the process of energy renovations for buildings, has raised $1.1 million in pre-seed funding. The round was co-led by Citizen Capital and 2bX, with participation from Antler, and angel investors Franz De Waal and Kerstin Bock.
Novo’s platform uses machine learning to analyze the current state of a building and generate a personalized energy renovation plan, including estimated costs and savings. The platform also connects users with subsidies and loans to make renovations more affordable.
The global energy renovation market is expected to grow from $333.6 billion in 2022 to $585.6 billion by 2028, according to a report by Allied Market Research. This growth is being driven by a number of factors, including rising energy costs, environmental concerns, and government incentives.
Novo is one of a number of startups that are developing innovative solutions to streamline the energy renovation process. Other startups in this space include Enpal, Renovance, and Energetic.
Their opportunities include the growing global energy renovation market and government support for energy efficiency measures. The company’s threats include competition from other startups and established players in the energy sector.
To be successful, Novo will need to continue to develop its platform and partnerships and to build a strong brand in the energy renovation market. The company should also focus on targeting key segments of the market, such as commercial and industrial buildings.
Other startups that have recently raised funding in the energy renovation sector include:
- Enpal (Germany): Raised $100 million in Series D funding in June 2023. Enpal offers solar panels and battery storage systems for homeowners on a subscription basis.
- Renovance (France): Raised €25 million in Series B funding in May 2023. Renovance is a one-stop shop for energy renovations, offering a full range of services from consulting to construction.
- Energetic (UK): Raised £10 million in Series A funding in April 2023. Energetic is a software company that helps businesses to reduce their energy consumption and costs.
These startups are all developing innovative solutions to address the challenges of energy renovation. However, they are also facing increasing competition from each other and from established players in the energy sector.
|Key People||Investors||Amount Invested||Sector||Funding Round|
|1. Mona Hornung (Co-founder and CEO)|
2. Julia Wadehn (Co-founder and CTO)
|Citizen’s Capital, 2bX, Antler & others||$1.1 Million||Energy||Pre-Seed|