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. The round, which was led by Northzone, 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, digitize processes, and accelerate their growth. Launched 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 drivers behind the energy transition.
Reonic’s software solution works as an operating system supporting renewable installers from end to end and is designed specifically to streamline their workflows. And with a primary focus on regional installers, Reonic caters to over 200,000 companies in Europe alone.
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 funding will also be used to help the business expand into neighboring European countries (namely France), where installers face similar challenges, and to continue growing its headcount, currently standing at 21 team members.
KEY QUOTES:
“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.”
“Though we’ve had some real momentum since we started the business three years ago, in truth, we feel like we’re just getting started. We couldn’t be happier having Northzone, Point Nine, and Puzzle Ventures in our corner to help propel us, and our customers, to the next level.”
-Lars-Manuel Schneider, Co-Founder of Reonic
“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.”
-Markus Gleim, Principal at Northzone
“Reonic’s end-to-end software is precisely what installers have been searching for. It streamlines workflows and provides the digital tools necessary to manage the increasing complexity of renewable energy projects. We believe that the team with their complementary skillset is uniquely positioned to build the category-leading software solution in this space. We are excited to support Reonic as they continue to innovate and empower installers across Europe.”
-Jessica Schultz, Partner at Northzone
