Estonian smart charging software developer Gridio has raised €2.4 million in a seed funding round to roll out its smart charging product across Europe. The round was led by Neoinvesteeringud, with participation from Encevo, Smartcap, Renergy, as well as a number of existing investors, EU-startups reports.

About Gridio

  • Founded in 2018 by Konrad Hanschmidt and Sandor Liive, Gridio is a Tallinn-based software-driven platform innovating energy management for consumers and energy providers. 
  • By seamlessly integrating connected energy devices with electricity markets, Gridio encourages users to optimise energy use, reduce costs, and accelerate the transition to a sustainable energy system.
  • For energy providers, Gridio offers a plug-and-play platform that allows the roll out of a mobile-based smart EV and solar charging service to its customers in a matter of weeks.

“Energy providers are increasingly looking for ready-made solutions to help their customers be smarter about electricity use. Gridio delivers a double benefit: consumers save on their bills, and providers gain better tools to manage and reduce the cost of electricity delivery,” says Konrad Hanschmidt, co-founder and CEO of Gridio.

Investment details 

The seed funding round was led by Neoinvesteeringud, with participation from Encevo, Smartcap, Renergy, and a number of existing investors. 

  • Neoinvesteeringud is an Estonian private equity investment and holding company with operats in the commercial, industrial and real estate sectors. The company has been active in the developing Estonian economy for many years, offering a wide range of investment opportunities to both local and foreign investors.
  • The Encevo Group is one of Luxembourg’s largest energy player. It is also active in Germany, France, Belgium and the Netherlands. Encevo is present throughout the entire energy value chain, spanning production, storage, supply, transportation, trading, distribution and services.
  • Estonian Smartcap is a government held fund of funds seeking to invest in private fund management teams. The company invests in seed to early-stage companies in software, nanotechnology, and agriculture sectors, focusing on Estonia.

In October 2022, Gridio secured €1 million to develop its smart energy app. Nordic Link Capital, The Sharing Group, and Estonian Specialist VC funds were among the investors.

The current funding will enable Gridio to offer solutions to optimize energy use, reduce costs, and support a more resilient electricity grid.