Seed round: Reel secures 5 million euros

Photo: Alex­an­der Kiltz, Prin­ci­pal at UVC Partners
22. Janu­ary 2024

Munich — Copen­ha­­gen-based energy start-up Reel announ­ces 5 million euros in seed funding. This is led by Tran­si­tion, a venture capi­tal fund that focu­ses on climate start-ups. Other backers include exis­ting inves­tors UVC Part­ners, The Foot­print Firm and a group of energy specia­lists and foun­ders, inclu­ding Clime­works’ Chief Project Deve­lo­p­ment Offi­cer Daniel Nathan and Netlify co-foun­­der Chris­tian Bach.

In order to have a posi­tive impact on climate change, the way in which compa­nies purchase and use elec­tri­city must change. Elec­tri­city is one of the main causes of CO2 emis­si­ons worldwide (
IPCC 2022
). Commer­cial and indus­trial consump­tion is respon­si­ble for two thirds of total global elec­tri­city consumption.

Reel offers compa­nies an alter­na­tive to conven­tio­nal purcha­sing of rene­wa­ble ener­gies, parti­cu­larly with regard to proof of origin. This is because the appli­ca­ble certi­fi­ca­tes are often criti­ci­zed for not really contri­bu­ting to CO2 reduc­tions. With Reel, compa­nies can conclude power purchase agree­ments (PPAs) that offer elec­tri­city at a fixed price and reduce CO2 emis­si­ons by feeding rene­wa­ble energy into the grid.

Anders Engtoft Meldgaard, CCO and co-foun­­der of Reel, comm­ents: “These certi­fi­ca­tes lead to compa­nies’ CO2 reduc­tion efforts being greatly overe­sti­ma­ted. Accor­din­gly, the risk of failing to meet the Paris Agree­ment is further increased. Reel, on the other hand, enables compa­nies to achieve carbon-free energy consump­tion every hour of the day.”

Alex­an­der Kiltz (photo © UVC), Prin­ci­pal at UVC Part­ners and Advi­sory Board member at Reel, says: “Since leading Reel’s pre-seed round, we have witnessed the team demons­trate its ability to execute a smart busi­ness model that is deeply embedded in the elec­tri­city value chain. We look forward to the next steps in Reel’s jour­ney as we launch addi­tio­nal products and expand into more regions.”

Reel plans to use the money to expand its product range and intro­duce its elec­tri­city procu­re­ment model to carbon-inten­­sive energy markets across Europe. This also includes the expan­sion of the team, parti­cu­larly in the areas of deve­lo­p­ment, sales and operations.

About Reel

Reel is the next gene­ra­tion elec­tri­city supplier and offers compa­nies a new way of purcha­sing elec­tri­city. With Reel, compa­nies can conclude power purchase agree­ments (PPAs) that offer elec­tri­city at a fixed price and reduce CO2 emis­si­ons by feeding rene­wa­ble energy into the grid. Reel’s vision is a world that lives from 100 percent rene­wa­ble energy.

About UVC Partners

UVC Part­ners is a Munich and Berlin-based early-stage venture capi­tal firm inves­t­ing in Euro­pean B2B start-ups in the fields of enter­prise soft­ware, indus­trial tech­no­lo­gies and mobi­lity. The fund gene­rally invests between €0.5 and €10 million at the outset and up to €30 million in total per company. The port­fo­lio compa­nies bene­fit from the exten­sive invest­ment and exit expe­ri­ence of the manage­ment team as well as from the close coope­ra­tion with Unter­neh­mer­TUM, Europe’s leading inno­va­tion and start-up center. With over 400 employees and more than 100 indus­try part­ners, Unter­neh­mer­TUM can draw on many years of expe­ri­ence in buil­ding young compa­nies. This coope­ra­tion gives UVC Part­ners the oppor­tu­nity to offer start-ups unique access to talent, indus­try clients and other finan­cial part­ners.

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