Thermondo raises €6M Series B from Rocket Internet, Holtzbrinck Ventures, E.ON, IBB and Grey Corp
“We only raise as much capital as we need to reach the next company growth and valuation milestone,” says Thermondo‘s CEO Philipp Pausder. In fact, that’s a pretty smart fundraising strategy that ensures the founders do not sell off their company too quickly before substantial value has been created with the help of the current financing round. Today, the Berlin-based late stage startup announced their €6M Series B that they collected from Rocket Internet, Holtzbrinck Ventures, E.ON, IBB and Grey Corp. Thermondo sells heating systems online and dispatches internal teams from 12 cities to every corner in Germany to install the units at the customers’ premises. Learning from Solarcity, Thermondo decided a while ago to vertically integrate the installation process in order to manage it digitally and minimise process costs.
Founded in 2012, Thermondo is known for mastering the art of pivoting, i.e. making strategy changes until the perfect business model has been identified. A prove for this is the work-in-progress pitch Philipp gave at ECO13 Berlin (see video below). Now, the heating startup has got 90 employees and enjoyed 30% monthly sales growth in 2014. While the exact revenues are kept confidential, this fast growth was the reason why the e-commerce investors Rocket Internet and Holtzbrinck joined this round. According to Philipp, both VCs are super successful when it comes to fast internationalisation and big exits, 2 competences that will come in handy during the next years. For the time being, Thermondo focuses on the German market but is already researching a lot of new target markets including CH, AUT, SWE, F, I, UK, BEL and NL. Philipp pitches Thermondo at ECO15 Berlin on 19 May and joins our corporate VC panel on 20 May.
Tags: Berlin, E-Commerce, Eon, Florian Tetzlaff, Grey Corp, Heat, Heating Systems, Holtzbrinck Ventures, IBB, IBB Beteiligungsgesellschaft, Kristofer Fichtner, Philipp Pausder, Rocket Internet, Smart Green Startup, Solarcity, Thermondo