Global Founders backs Thermondo's €23.5m series-C

Energy provider E.on, Investitionsbank Berlin and Picus Capital also backed the round.

With the fresh capital, Thermondo will introduce a leasing service for heaters. Since 2016, the business's service include the installation of fuel cell heaters. It aims to turn from a manufacturing business to an energy company.  

Previous funding
In April 2015, Holtzbrinck and Rocket Internet invested €6m in Thermondo, alongside existing investors E.ON, IBB Beteiligungsgesellschaft and Grey Corp.

Company
Thermondo is a heating systems and installation company. An algorithm matches consumer needs with various packages and quotes for gas-, oil- and solar-based heating systems. Local teams install the new systems and provide after-sale care.

The company employs 220 people. Half of these are based at Thermondo's Berlin headquarters, while the remainder work in German regions.

People
Thermondo – Philipp Pausder (CEO)

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• Topics
• Expansion
• DACH
• Industrials
• Germany
• Venture