Key facts
- Furo, a German startup focused on industrial battery storage software, raised $4 million in funding.
- The company's founders decided to base operations in Germany instead of Silicon Valley.
- Furo's clients include German rail company Deutsche Bahn.
- The startup's founders previously studied at Stanford and UC Berkeley.
- Furo's founders are Lena Sophia Voß, Leonie Wagner, and Simon Wittner.
Furo, a startup that has developed software for industrial battery storage systems, has secured $4 million in funding from mostly U.S. investors, including TQ Ventures and Sheryl Sandberg’s fund, Sandberg Bernthal Venture Partners. The company's founders, Lena Sophia Voß, Leonie Wagner, and Simon Wittner, all 28 years old, made the strategic decision to establish their operations in Germany rather than Silicon Valley, a move they believe has been beneficial for both business growth and fundraising.
Furo's choice to operate from Germany stems from the founders' conviction that the problem of industrial energy costs is more pressing in Europe, particularly in Germany, which has experienced significant energy crises over the last five years. While the startup is incorporated as a Delaware C Corp. and maintains ties to Silicon Valley through programs like the Center for Digital Technology and Management (CDTM), its operational base in Munich has allowed for closer proximity to customers and a stronger network. Voß stated that being near customers is crucial for early-stage companies.
The founders also cited the lower cost of engineering talent in Germany compared to the U.S. as a significant advantage, allowing them to maximize their funding. Despite the decision to build the company in Europe, Furo continues to engage with its U.S. network, visiting the U.S. several times a year for administrative tasks and investor relations.