April 21st, 2023
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The climate tech start-up ENTER accelerates. Following the seed financing round at the end of 2022, the Series A financing now already followed. Investors include renowned VC firms such as COATUE, Foundamental, Target Global, A/O Proptech, and Partech. ENTER now has €19.4 million in growth financing at its disposal to consistently pursue its vision of becoming Europe's leading company for energy-efficient retrofitting and thus making a significant contribution to reducing CO2 emissions of residential buildings.
Thanks to ENTER, the path to a sustainable home becomes more accessible, faster, and optimized: after completing a digital survey developed by ENTER, customers receive a transparent assessment of the energy status of their building within minutes. Quickly and easily, it is then possible to see how much can be saved through various renovation measures. ENTER then provides energy consultation, develops an individual energy renovation roadmap (iSFP), and takes care of the appropriate subsidy applications. In this way, the measures can be implemented in a convenient manner and at favorable rates, accompanied and advised by ENTER. The reduced CO2 and lower energy costs will subsequently benefit both the environment and the homeowner.
Justus Menten, Co-founder, and Managing Director of ENTER, is an architect and himself a certified energy efficiency consultant (dena): "Currently, around 200,000 properties are renovated in Germany every year. But to achieve our climate goals, it must be more than one million. Today's certified energy efficiency consultants cannot achieve this goal in the traditional way. Although the training of new advisors is already running at full speed, it will take several years before sufficient capacities are available in Germany. This is where ENTER comes in. We are increasing the productivity of energy efficiency consultation by 400 percent and thus reducing the bottleneck at record speed."
Another obstacle is financing: according to surveys, 75 percent of homeowners fear that they cannot afford energy-efficient renovations. "In many cases, however, this is not true if you take the right measures and make the right use of state subsidies. Thanks to ENTER, the right measures can be planned in the optimal sequence with a maximum of subsidies. With a comprehensive on-site analysis followed by a virtual consultation, we help homeowners understand the energy status of their building and make all the relevant decisions for a CO2-neutral home," explains Menten.
ENTER’s successful conclusion of Series-A financing, despite the difficult market environment for start-ups, proves investors are also convinced by the Climate- Tech company’s business model. In addition to the investors, ENTER - previously known as baupal until early 2023 – is supported by renowned business angels and start-up experts, including Flink founder Oliver Merkel, McMakler co-founders Hanno Heintzenberg and Lukas Pieczonka, taxfix COO Dr Daniel Kreter, Medwing founder Johannes Roggendorf and DST Global co-founder Tom Stafford.
Max Schroeren, Co-Founder and Managing Director of ENTER: “We have increased our revenue by more than six-fold in recent months and continue to be on a very strong growth path. With this financing round, we can now accelerate ENTER's further business development even faster and speed up the transformation to CO2-neutral living. Our solution enables millions of homeowners to make energy improvements to their homes, and we are proud to be supported on this journey by investors such as COATUE, Foundamental and Target Global."
ENTER currently employs 75 people and plans to double that number by the end of 2023.
In the medium term, Schroeren says ENTER is also looking at options to make it easier for homeowners to finance renovations.
Sarah Cannon, General Partner and Head of European Private Investments at COATUE: “As the shift to energy sovereignty accelerates in Europe, consumers require tangible solutions to navigate the transition. ENTER´s unique home energy intelligence platform gives consumers direct control over their energy footprint and effective steps to improve home energy efficiency, reducing climate impact. COATUE believes that ENTER´s business model, growth trajectory, and founding team have all the ingredients to make energy optimization the norm for homeowners and we look forward to working together.”
Patric Hellermann, General Partner of Foundamental says, “We are seeing two once-in-a-lifetime opportunities in European heating: the decarbonization of buildings, and our strategic lack of cheap primary energy. ENTER is killing both birds with one stone. It is the one-stop shop for building owners to get their energy audits and they will be saving a great amount of energy and emissions. We are convinced that ENTER´s product and momentum place the company in the best position to become a long-term market leader. As investor from day 1 onwards, we are very happy about this success and the successful Series-A financing with excellent investors.”
Dr. Ricardo Schaefer, Partner at Target Global: "Ensuring that our use of energy is both effective and sustainable has become a key consideration for many people around the globe. Through ENTER´s unique technology, homeowners are able to identify the full energy potential of their homes and get access to energy saving home improvements at the tip of their fingertips. We couldn't be more excited to back Max, Justus and the entire team as we move into the era of conscious living and as people grow more and more mindful about how their day to day habits and lifestyle choices impact the planet we are leaving behind for the next generation."
For more information about ENTER, please visit www.enter.de
ENTER was founded in 2020 by Max Schroeren, Justus Menten, and Alex Müller. The Berlin-based company supports owners of single-family and multi-family homes in the analysis, planning, and financing of the energy refurbishment of their buildings - simply, easily and affordably with the help of their proprietary technology. ENTER offers homeowners customized renovation packages that cover all steps from financing to installation, to make energy renovation convenient and affordable for them. The company, which changed its name from baupal to ENTER in spring 2023, currently employs 75 people, 20 of whom are certified energy efficiency consultants. After completing seed financing at the end of 2022, ENTER successfully completed a Series A financing in spring 2023, bringing their total funding to 19.4 million euros, which will be used for further growth.
For further information please contact: NewMark Finanzkommunikation Kerstin Leitel
Tel: +49 69 944 180 26