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- August
2014
Josef Brunner tells the growth story of JouleX and his successful exit to Cisco
Ecosummit TV: Serial entrepreneur Josef Brunner tells the growth story of JouleX and his successful $107M cash exit to Cisco in 2013. Josef founded JouleX in Munich in 2009 and was backed by Target Partners from early on. Being a 100% energy management software startup that helps companies save OPEX by switching off unused IP devices, Josef and Olaf Jacobi, his board member at Target Partners, quickly decided that the headquarter should be transferred to the US while keeping the software development team in Germany. As a US company it is easier to sell to American customers, raise more money for faster startup development and ultimately sell to an American buyer. Tom Noonan, Co-Founder of Internet Security Systems that he sold to IBM in 2006, invested in JouleX and joined as CEO in 2010. From there it was all about managing fast growth and winning new customers that enjoy instant savings without setup fees while JouleX enjoys a 30% share of the money saved. Josef appreciates the professional integration processes at Cisco who are very experienced buyers due to a long history of successful acquisitions – JouleX was Cisco’s acquisition number 166. Now you may talk to Josef if you need a smart green software business angel.
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- February
2014
Enernoc buys Entelios – did this cleantech exit happen too fast?
On 14 February 2014, Enernoc buys Entelios, Germany’s demand response pioneer. The Munich-based startup was founded in July 2010 by serial entrepreneurs Oliver Stahl, Tom Schulz and Stephan Lindner. With a holding period of 3 years since the first VC investment this is definitely a fast cleantech exit. But this exit may have happened too fast given that demand response is the killer app of the smart grid, a massive global market opportunity and a capital efficient option to accelerate the Energiewende (energy transition). In the end, smart demand wins over stupid supply even though it is hard to convince all market participants. And before we forget: congratulations to the Entelios team.
Read more- 3
- December
2013
Smart green dealflow: E-volo crowdfunding, Lock8, Yetu, Thermondo and Zim Plant Technology exit
5 startups that pitched at Ecosummit conferences in the past celebrate new funding rounds. Within 3 days, 9 hours and 52 minutes electric aviation pioneer E-volo raised €1.2M in a record-breaking crowdfunding event on Seedmatch. Just in time, the Karlsruhe-based cleantech startup managed the first unmanned flight with the prototype of their green Volocopter VC 200 (see video below). Ecosummit contributed €1K and joined a group of 750 fearless crowd investors that agree that this worldwide innovation is ready for take off. With the help of E-volo Seedmatch established firmly as Germany’s leading crowdfunding platform for startups having raised over €10M for 50 projects since August 2011.
Read more- 3
- December
2013
Harry Böhme tells the cleantech exit story of Novaled to Samsung
Ecosummit TV: CFO Harry Böhme tells the cleantech exit story of Novaled to Samsung at ECO13 London. Founded in 2001, the Dresden-based startup is a world leader in OLED (Organic LED) materials and Samsung is the biggest customer. In September 2011, Corporate VC Samsung Ventures invested and Novaled’s management made sure to limit Samsung’s stake and control to 10%. 2 years later, Samsung Cheil Industries (aka Samsung Chemical) and Samsung Electronics acquired the remaining 90% for €260M, including an earnout of €30M bound to reaching further milestones. Novaled’s revenues grew from €10M in 2010 to €26M in 2012 (price sales ratio of 10). With €29M of venture capital injected in Novaled the returns are pretty healthy.
Read more- 9
- August
2013
Cleantech exit – Samsung buys Novaled from Dresden
Congratulations to Novaled and its founders and investors which include eCapital, Germany’s most active cleantech VC. This is a fantastic exit that brings hope and money to the cleantech startup industry in Europe. Samsung Cheil Industries (aka Samsung Chemical) and Samsung Electronics buy 50% and 40% respectively of the Dresden-based late stage startup for a total of €260M of which €30M are bound to reaching further growth targets. Corporate VC Samsung Ventures maintains their 10% stake in the transaction. Founded in 2001, Novaled is a world leader in OLED (Organic LED) materials. Following a fabless strategy from the beginning, Samsung is Novaled’s biggest customer and it comes as no suprise that they turn out to be the acquirer. Novaled’s revenues grew from €10M in 2010 to €26M in 2012. Thus, Novaled’s valuation at exit is 10 times the 2012 revenues or, in other words, the price sales ratio is 10.
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