Copenhagen-based startup Reel catches €2.3 million to power a renewable Europe
Summary
The round was led by UVC Partners, a venture capital fund focused on European early-stage B2B startups, with participation from The Footprint Firm, a sustainability-devoted investment company, North-East Family Office, a global private multi-family office, and a group of energy specialists and experienced founders such as the chairman of InCommodities, Bo Wase, the co-founder of Netlify, Christian Bach, and the co-founder of inspired, Jürgen Mayerhofer. CEO and Co-Founder, Jon Sigvert explained how this is one of the driving forces behind the need to move to sustainable energy: “Electricity is one of the main sources of CO₂ emissions globally. According to Christian Randløv Schmidt, CTO and co-founder of Reel, using technology to transform electricity procurement has great potential: “We are operating in a sector that is extremely conservative and old-fashioned. So, there is clearly an urgent need for an off-the-shelf electricity procurement solution, available to all companies – and it’s evident that this will have an immense impact on reducing emissions and powering a society built on a new form of energy. Our PPA solution solves for all of these issues, and allows all companies – big and small – to help accelerate the renewable energy transition.” This fresh funding boost will be used by the climate innovators to scale up operations and launch the software in Denmark.