Augsburg-based Reonic, a climate tech SaaS startup focused on enabling the deployment of sustainable energy solutions across Europe, announced that it has raised a €13 million Series A funding round. Led by Northzone, the round also includes participation from existing investors Point Nine and Puzzle Ventures.
Reonic helps SME installers tackle the challenges of ever-growing complexity in the renewable energy market, digitise their processes, and accelerate their growth. Founded in Augsburg, Bavaria in 2021 by Tristan Menzinger, Lars-Manuel Schneider, and Udo Sill who met while studying Industrial Engineering, Reonic was created to empower renewable installers to establish themselves as a driver behind the energy transition.
Reonic’s software solution works as an operating system supporting renewable installers from end-to-end and is designed specifically for streamlining their workflows. With a primary focus on regional installers, Reonic caters to over 200,000 companies in Europe alone.
European expansion
Having opened a second office in Berlin earlier this year, the funding follows a successful year for Reonic, with the startup having tripled its recurring revenue in the past six months alone. As well as doubling down on its founding vision, the fresh injection of capital will also be used to help the business expand into neighbouring European countries (namely France to begin with), where installers face similar challenges, and to continue growing its headcount, currently standing at 21 team members.
Commenting on the raise, Lars-Manuel Schneider, Co-Founder of Reonic said: “Renewable technologies are one of the fastest growing markets in Europe, which is almost exclusively served by independent installers across the continent, which almost always lack digital tooling. Our goal is to enable these installers to compete, grow, and win. First, by creating best-in-class software as the backbone of their workflows. And second, by offering adjacent services in procurement, payment, financing, and beyond.”
Markus Gleim, Principal at Northzone, added: “The energy transition is one of the most significant challenges and opportunities of our time. Reonic is at the forefront of this movement, offering a solution that not only simplifies the adoption of renewable technologies, but one that also drives significant progress towards a more sustainable future. We are proud to back a team that is making such a profound impact on the energy landscape.”
