Purpose Green, a German climate technology company at the forefront of decarbonizing the building sector, has announced the successful closure of a €3.3 million funding round. This milestone was achieved with the support of Europe's leading early-stage investors, Speedinvest and Atlantic Labs. The freshly secured capital will empower Purpose Green to fortify its team with experts in ESG, climate, and building domains, expand its footprint within Germany, and continually enhance its suite of services.
As the window of opportunity to achieve the climate target outlined in the Paris Agreement narrows, the building sector finds itself facing a critical imperative. The European Commission reports that this sector accounts for 40% of energy consumption and 36% of greenhouse gas emissions in Europe. In Germany, it stands as one of the largest CO2 emitters. Additionally, a staggering 240 million buildings across Europe require renovation to meet regulatory standards, highlighting the need for substantial investments in the trillions for a successful European energy transition.
A pervasive lack of digitization, coupled with bureaucratic hurdles and slow processes, has hindered progress in the building sector. Most property owners lack a comprehensive overview of their properties' energy data, while energy retrofitting measures remain costly, time-consuming, and laden with red tape. Purpose Green aims to address these challenges head-on by streamlining energy-related construction and renovation projects. The company's holistic hybrid end-to-end solution begins with the digitalization of a building's key data, creating a 3D digital twin that empowers owners with a comprehensive energy status overview. Purpose Green's team of energy consultants, construction managers, and experts then take the lead in planning and executing energy-related construction and renovation measures. This approach positions Purpose Green as a one-stop shop for cost-effective and time-saving decarbonization in the building sector.
Lucas Christel, Co-Founder & Managing Director Operations, remarked, "As the green partner to the real estate industry, we want to help our customers transform their real estate portfolio into a green future in a value-enhancing and sustainable way. We provide them with the best possible data overview and support them in the planning, implementation, and handling of all relevant energy-related construction and renovation measures. The significant financing secured in such a short timeframe in the current market environment validates the demand for our offering and its potential to address ongoing challenges in the European construction industry. The newly acquired capital will propel our expansion plans, and we are thrilled to have garnered the support of Speedinvest and Atlantic Labs, two of Europe's most esteemed early-stage investors."