Ostrom, a Berlin-based digital green energy provider, has raised €20 million in a Series B funding round aimed at enhancing its smart energy capabilities across Germany. This funding will primarily support the rollout of smart meters for customers and facilitate the growth of Ostrom’s innovative NeoGrid Virtual Power Plant (VPP).
The investment round was led by Eneco Ventures, the venture capital arm of the Dutch sustainable energy firm Eneco. Other returning investors included SE Ventures, Union Square Ventures, Adjacent, Übermorgen, and J12, raising Ostrom’s total funding to over €40 million.
Matthias Martensen, Co-founder and CEO of Ostrom, emphasized the strategic partnership with Eneco, which brings valuable industry experience while allowing Ostrom to maintain its independence. This collaboration is expected to boost the adoption of smart meters and expand the virtual power plant, all while focusing on profitability in the medium term.
Founded in 2021, Ostrom offers its customers predictable energy pricing through two product options: SimplyFair, which features a flat monthly fee, and SimplyDynamic, utilizing smart meters and hourly pricing to optimize energy consumption. The Ostrom App enables users to monitor and manage their energy usage, connecting to electric vehicles, solar panels, and battery storage systems for increased household energy autonomy.
Ostrom has experienced rapid growth in 2024, tripling its customer base and launching the largest electric vehicle VPP in Germany. The company aims to redefine energy provision by offering electricity at cost and dynamic pricing that reflects real-time market conditions. Customers can manage their contracts and smart devices seamlessly via the Ostrom App.
Jan van der Velde, Investment Director at Eneco Ventures, praised Ostrom’s digital-first approach and rapid customer acquisition, noting its role in promoting renewable energy and enhancing grid stability.
The new funding will allow Ostrom to subsidize smart meters for its customers, fostering demand-side flexibility. Additionally, the company plans to expand its technological capabilities through AI investments, which currently automate over half of customer operations. This efficiency supports a lean team structure that can scale rapidly.
Ostrom’s NeoGrid VPP connects household devices and electric vehicle batteries to help balance the grid, maximize the use of renewable energy, and lower customer costs. Karl Villanueva, Co-Founder and CMO/CPO of Ostrom, highlighted the synergy between Eneco’s extensive energy experience and Ostrom’s focus on customer needs and product development. This collaboration enables Ostrom to leverage AI to prototype and launch new products quickly.
With this funding, Ostrom is poised to enhance its smart energy offerings and further its mission to empower consumers in the energy market.
