Berlin-based proptech startup KUGU founded by Christopher von Gumppenberg and Leopold Kuttner has started the new year by finalizing its seed investment round. In total, the lead investors Wecken & Cie., IBB Beteiligungsgesellschaft, E.ON :agile and angel investors around High Rise Ventures have invested a seven-digit amount. The fresh capital will be used for the further development of the platform as well as the establishment of sales and operations.
A completely new approach to submetering, KUGU’s solution combines a software platform and hardware that put the power of submetering into the hands of those who manage multi-tenant properties. The startup’s product collects hardware independent data from meters, sensors and smoke detectors, bundles consumption data with tenant information and makes all relevant billing and management processes transparent. Tenants get insights into their energy consumption and can adapt their behavior to lower their bills while property managers can anticipate energy use and manage buildings more efficiently.
KUGU has started cooperation with :agile accelerator in July 2019. Less than half a year later, in October, they launched the first joint pilot with grid operator and E.ON subsidiary E.DIS, serving 3,000 apartment units in Henningsdorf near Berlin with the new submetering system.
Dr. Alexander Montebaur, CEO of E.DIS AG, a subsidiary of E.ON, is pleased about an already established cooperation with KUGU: "The product portfolio of KUGU complements our existing offers for the housing industry. The successful implementation of a first pilot project has led to the decision to offer new solutions to customers". In addition, High Rise Ventures, with its many years of experience in the real estate industry as well as in cooperation with well-known proptech start-ups, will pave the way to a successful future.”
"We are pleased that we were able to convince strong partners of our vision. In addition to market access, we are gaining great expertise which will help us to build and scale KUGU" the founders Christopher von Gumppenberg and Leopold Kuttner commented on the successful investment round. The founders are optimistic about the future of KUGU: "For many years, a few submetering service-providers have dominated the market. At the same time, the real estate industry suffers from poor service quality and slow, manual and faulty processes. We see good opportunities to shape the real estate and energy market sustainably through our digital approach".