DREM funding news – Stockholm-based DREM Raises €1 Million in Additional Funding

Investment Utilisation

This investment will help DREM expand into France, the largest market in Europe for heat pumps, and continue growing across Europe.

Babak Tighnavard, CEO and co-founder of DREM, said: “The buying process for heat pumps is usually quite a complicated story, no matter which country you look at. Our model is digitalizing and simplifying the process, which also allows us to quickly scale up operations to more countries. France is Europe’s largest market for heat pumps and we see significant growth potential here.”

Despite challenges like a mild winter and rising interest rates, it has performed well and plans to double its sales by the end of 2024. The company is on track to reach €10 million in annual revenue and has grown its team to 40 employees this year.

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While Sweden's heat pump market saw a sharp drop in sales—down 43% and 50% in the first two quarters of 2024—DREM has continued to grow and expand.

Tighnavard said, “We see continued growing demand and the interest rate cuts that have taken place and are ahead of us across the region will benefit the entire industry. The additional funds from our four largest investors allows us to accelerate expansion in France, while we are also evaluating a launch in another European country in 2025,”.

DREM Aim

It aims to make heat pump solutions more accessible and efficient, helping to lower heating costs and promote a more sustainable climate. Based in Stockholm, the company is led by a team with experience in tech and energy, having worked at companies like Kinnevik, Otovo, and McKinsey & Company.

About DREM

DREM specializes in simplifying the installation of heat pumps for homes. Their goal is to make the switch to renewable energy easy and affordable. With a user-friendly platform and expert energy advisors, they help homeowners install heat pumps and enjoy the benefits of lower energy costs and better efficiency.