We raised new funding to plug households and utilities into flex markets

Today, we are thrilled to share that we have closed a €2M seed funding round led by Greencode Ventures with participation from Vaens. Existing investors Lifeline Ventures, APX (the first-cheque investor of Porsche & Axel Springer), and Wave Ventures also participated in this funding round.

With this new funding, we will expand our team and technology capabilities to pool households and their home energy assets under our platform, contributing to the energy transition in a completely new way.

Building smart solutions for the energy transition continues

We founded Synergi to build better household tools to optimize their consumption at the cleanest and cheapest hours. For the past year, we’ve grown our user base from a small pilot to thousands of households, including the flexible home energy assets we control.

As of today, we support electric vehicles, heating and cooling systems, and solar systems, enabling households using our app to save hundreds of euros annually.

But we have to keep on building. As the need for more energy increases Europe-wide, so does the need for consumers to use energy flexibly. It’s time to use the benefits of household flexibility to balance the grid when needed.

Making flex markets a win for all

To provide flexibility to the grid, Synergi will step-by-step  transform into a “virtual power plant,” where thousands of households simultaneously consume energy smarter, for example based on real-time prices. Synergi will also enable that this flexible load can react to market signals, for example momentarily decreasing consumption when there is congestion in the grid. This capability to react to external signals is called Demand Response.

At the same time, we are building the right connections with European grid players so that Synergi will soon be listed as an official aggregator, and we can start sharing the rewards of flex markets with consumers and energy providers.

For context, players like Fingrid buy around ~€160M of flexibility per year, and Svenska kraftnät in Sweden, over €500M. Europe-wide, the Transmission System Operator (TSO) flexibility markets are worth ~8.9bn€!

Synergi wants to tap into that so that we can distribute the rewards to consumers and utilities, making energy flexibility a win-win for all!

Bringing utilities onboard is our secret sauce

In our business model, utilities play a crucial and novel role. We are enabling them to join the Synergi platform by offering the Synergi app as a pre-packaged solution to onboard their household-owned assets to our platform. This will deliver savings and earnings from smarter energy usage for their customers and new revenue from flex markets.

Adding new expertise to the team

We’re genuinely pleased to start working with our new investors, who share our vision of a cleaner energy system.

Greencode Ventures is a pan-European VC firm specializing in green transition and rapidly scaling digital solutions that will create an impact within this decade. Greencode was founded by energy industry experts Dr. Terhi Vapola and Kaisa Hietala. The fund is also led by Ines Bergmann-Nolting, who will join the Synergi Board of Directors.

As our new investor, the team brings highly relevant experience and ambition from the challenges we are facing.

Similarly, we are excited to have Vaens, a well-respected family fund from Finland, join us as a new investor. They are really passionate about supporting startup teams solving the biggest problems our planet is facing, and we are proud to join them in this mission.

As a result of this funding, we will be growing our team and are currently looking for people to join us across various roles. If you feel Synergi could be the right place to start contributing, send me a message or check our careers page, and let’s see if there are synergies among us.

Last but not least, I leave you with our new brand video, in which I share more about our vision and product in just 58 seconds. Once again, thank you all for your support!