Nomos raises €20M to power Europe’s white-label energy brands
Index Ventures leads a €20M round into Berlin's Nomos, the licensed supplier behind white-label electricity plans for heat pump and solar brands. Bolt, UiPath and Nord Security founders joined.
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Founded 2023 · Berlin, Germany
Berlin-based Nomos has raised a €20M round led by Index Ventures, with Bolt founder Markus Villig, UiPath founder Daniel Dines and Nord Security co-founder Tomas Okmanas joining, to let manufacturers and installers sell electricity under their own brand.
We spend a lot of breath in Europe complaining about energy prices, and rather less noticing the companies quietly rebuilding how those prices reach our homes. This round is one to notice. Below, I lay out the deal, the company behind it, and why the segment it trades into is growing at over 20% a year.
Index leads, three unicorn founders join
Nomos announced the €20M round on 15 September 2026. Index Ventures led, and the follow-on names read like a tour of Europe’s founder diaspora: Markus Villig of Bolt, Daniel Dines of UiPath and Tomas Okmanas of Nord Security all invested personally. Tech Funding News reports the round was oversubscribed.
The company has not attached a stage label to the raise; it follows a €1.9M pre-seed led by Speedinvest in October 2024 (EU-Startups), which puts total funding at roughly €21.9M. The new capital goes to launching products and hiring, then expanding across Europe, per Tech Funding News; Startbase adds that the near-term focus is growing the Berlin team and scaling the existing infrastructure.
The utility behind your heat pump’s brand
Founded in 2023 by Stefan Gerbes and Nils Bitzer, Nomos is a licensed electricity supplier and balancing group manager in Germany. That regulatory status is the product. Its software layer, Nomos OS, automates the trading, forecasting, balancing and billing work a supplier normally does with entire departments, and exposes all of it to partners as a white-label service.
The pitch to a heat pump maker or a solar installer is simple: your brand on the electricity plan, our licence and machinery underneath. Dynamic tariffs, solar export, battery flexibility trading – the customer sees one brand, and it is not Nomos. Tech Funding News names Thermondo, Energiekonzepte Deutschland and Svea Solar’s IKEA-powered service among the partners already routing energy products through the platform.
It is the same move we watched software infrastructure make a decade ago: the interesting company is the one you never see on the invoice.
A 21% growth market wired for aggregators
Size the segment and the round makes sense. The European virtual power plant market – the business of aggregating home batteries, EVs and heat pumps into tradable flexibility – is worth USD 1.81bn in 2025 and is projected to reach USD 4.76bn by 2030, a 21.3% CAGR (Grand View Research, 2025). Germany held the dominant position in that market in 2024 per the same report, which is exactly where Nomos holds its licence.
The macro pressure behind that curve is not subtle: EU industrial electricity prices run at more than double US levels (IEA, cited in Tech Funding News’s coverage), and German households pay among the highest rates in Europe. Every device that can shift its consumption to cheap hours is suddenly a financial instrument.
Our own fundraising data shows the capital following the thesis. HVR Energy closed a €20M Series A led by Sandton on 10 September 2026, and Furo raised $4M three days ago to put software in charge of industrial batteries. Three energy-flexibility rounds inside a week is not a coincidence; it is a category forming.
Founder capital is picking Europe’s next utilities
So what does this round actually signal? Watch who wrote the angel cheques. Villig, Dines and Okmanas built three of Europe’s defining companies in mobility, automation and security – and they are recycling their proceeds into German energy infrastructure. That is the flywheel we have envied in the US for twenty years, running at home, pointed at the least glamorous layer of the stack.
The good news is that the layer being rebuilt is the one Europe actually controls. We cannot relocate our electricity grid to Delaware. A regulated supplier licence in Germany, as Nomos holds, is a moat no US platform ships overnight – and the recent Limetax round showed the same pattern of venture money moving into regulated German plumbing.
What to watch next: which European market Nomos licenses into after Germany, and whether the manufacturers currently renting its stack start treating energy retail as core business. The invisible utilities are being built right now. Let’s keep our eyes on them!
