Solar Unicorn is the Brightest Spot in the German VC Skies

February 2023

A Berlin solar energy company raked a massive Series D financing round, while an insurtech start-up also did quite nicely. Here’s our bimonthly overview of significant venture capital investments in firms in Germany.

Enpal, Berlin, solar energy, EUR 215 million: There seems to be no stopping for this renewable-energy unicorn from the German capital. Enpal garnered more than EUR 200 million only weeks after announcing a financing boost of EUR 855 million. The company predicts it will report turnover of around EUR 400 million for 2022. Photo: © Enpal

Wefox, Berlin, insurtech, USD 55 million: Another company to maintain momentum was Wefox with a second closing of USD 55 million following a USD 400 million in the summer of 2022. The company, which is valued at USD 4.5 billion, wants to create an online insurance portal analogous to Amazon for retail or Airbnb for vacation rentals. Photo: The founders of Wefox, Fabian Wesemann, Julian Teicke and Dario Fazlic © Wefox

The Exploration Company, Munich, space, EUR 40.5 million: This German-French start-up got a big boost with what is said to be the largest series A round ever for a European space company. The firm is aiming to offer a European solution for conveying material and people to the moon. It’s been called a rival to Elon Musk’s Space-X. Photo: Nyx Earth – a private reusable LEO Capsule for Europe from 2026  © The Exploration Company

Choco, Berlin, restaurant ordering platform, EUR 33 million: Another unicorn from the German capital reinforced its status with a healthy injection of capital – this after Choco took in more than EUR 100 million last April. The company hopes to digitalize the ordering process between suppliers and restaurants and to reduce food waste. Photo: The Choco team © Choco

Pliant, Berlin, credit card services, EUR 26 million: This fledgling company supplies medium-sized to large enterprises with business credit. The firm promises to deliver optimal credit lines and conditions of use, which convinced investors to fork over some cash in this series A financing round. Photo: © Pliant

Sources: Handelsblatt, businessinsider.de, deutsche-startups.de