German startup Changers closes $1.5M in Series A round to reward people who generate solar power
Changers, a German startup that rewards people for creating solar power, has raised $1.5 million in Series A funding. The round was led by state-backed fund BFB Frühphasenfonds Brandenburg. Clean energy specialist Heliocentris and other private investors also contributed to the financing, according to TechCrunch.
With the fresh capital, the firm can now accelerate its products and pursue its expansion in the Middle East, where the solar market is abundant, the report stated.
BFB Chief Executive Officer Oliver Borrman said of the startup: "We see huge potential for Changers as it combines rewards for energy-saving behavior with a proven community based on a gamified customer loyalty system."
Changers System, the startup's Social Energy Marketplace, allows people to produce their own solar power and measure the quantity they create. The amount is then converted into a currency which they can use to purchase goods and services from the commercial partners of Changers. The firm's flagship product is the Changers Starter Kit. This is a portable solar energy kit that measures the amount of energy stored, the report detailed.
The Berlin-based startup has successfully come out of insolvency and survived up to the present, TechCrunch reported.