🎙️ EP39: Raising a Pre-seed Round for a Cleantech Startup in Germany with Mona… | InvestHer Podcast

Welcome back to another episode of InvestHer Podcast. And today I am delighted to tell you all about Mona Hornung, who is co-founder and CEO of Novo, which is a leading cleantech startup in Germany that's doing some really, really cool stuff. So, you know, the way you need to now renovate your buildings with the energy ratings so that we can have a cleaner world. Well, that's what Novo does. They basically do an audit of the energy rating of your building, make some recommendations of what needs to happen to build it up to scratch, up to the new legal recommended levels, so that we can have better insulated, more cleaner buildings. That's what they do. So in this episode, you're going to learn more about Novo, about Mona, about their funding journey, including bringing children into the world during that funding journey. So some interesting tidbits on that. But really what's so exciting is to see this German cleantech from Europe raising their pre-seed round and giving you all the funding tips and the ins and outs on the way. So stay tuned, have a good listen, and I know you're going to really, really enjoy this episode. Investor Podcast is for you, the female founder who has a product, a service, or a message that you believe in and need to get funded, or for you, the investor Who wants to learn more about the huge untapped investment opportunity that gives you a higher return? Women entrepreneurs. My name is Anne Ravanona. I'm an entrepreneur, TEDx speaker, and women's advocate, and I'm passionate about helping women entrepreneurs get funded. In each episode, we'll take a behind-the-scenes look into real-world funding tactics and strategies to help you get the funding you need faster. Let's put the fun into funding. Thanks for spending some time with me today. Now let's get started. So welcome everybody to this latest episode of InvestHer Podcast. And I am absolutely thrilled to have with us today one of our very first winners of the InvestHer Summit pitch competition. Woohoo! Mona Hornung is in the house. Welcome, Mona. Very happy to have you with us.

Thanks a lot, Anne. Equally excited from my side.

Oh my gosh, I'm really delighted and proud. And just so everybody knows, you know, it was tough to win our pitch competition. So you're talking to some of the best of the best. Mona is the second winner that we've interviewed on the podcast, and you'll hear from the other 4. So let's— I want this podcast episode, it's all about you, Mona. We want to celebrate you as an entrepreneur and Novo. We want to learn much more about Novo, everything you're doing to disrupt Construction, climate change, all these things, what you're doing to change the world. But before we dive in, can you tell us a little bit about yourself, Mona, a little bit about who you are and how you became an entrepreneur, how you chose this life?

A life you never get out of once you chose it.

Exactly.

Absolutely happy to deep dive and maybe start with my most recent decade of work life. So before founding Novu, I actually spent almost a decade advising and working with startups here in Berlin, but also across Europe on growth-related topics. So whenever it comes to the question, especially of course after funding rounds and after having a bit more capital to actually start reaching new goals, the question is very often, how do we actually get there? And this is where I usually came in. And of course now do the same with Novo. So everything which was the interface of product marketing and analytics, this is where I felt at home the last years. And this is where I, of course, still feel at home. And yeah, I had a first life. So I was actually starting off my career in consulting. That was also almost a decade that I spent in there. So the not visible in the podcast gray hair that you would see is actually well deserved. And yeah, so that's me in a nutshell. And there's one more very important part of why or how I actually came to founding NOWO. And this is my co-founder Julia. So we're a team of 2 female founders who started this journey together. By now the team has grown, but— And why I mention that so earlier when talking about me as a founder is that you can definitely approach that in a lot of ways. But for me, founding is actually one of the things where I better have the best person at my side I can possibly have at my side. And this is a person that I found in Julia. We met each other roughly 5 years ago in a startup where she was shareholder and COO. And ever since, actually never stopped working on strategic topics, on topics that are really bringing forward companies. And we've seen a lot, we've done a lot, and I think the relationship of trust and speed and excellence that we can bring to a company, actually that was what gave us also the strength and belief to say like, okay, there's actually more that is possible, and we see problems that are beyond what we work on now. So why not tackle those? And this is one of the first steps how we started NOVO.

So, okay, so take us back. So when did you both decide to take the leap, and when did you start NOVO? And then tell us about NOVO because we want to hear more.

Yeah, um, so when did we decide? It's a good question, actually. Um, we both know that there was one moment that felt very decisive for us when it comes to how to or the moment that we actually decided to work on the topic that is the topic today of NOVO. But I would say the process overall of starting a company together, that was rather a long process, as possibly it is with a couple of people out there in the world, which is like the first thought is, oh, what would we do if? And then this if just never stops. And this is how it started with us. A lot of thoughts, a lot of thoughts that we actually started to ping collection of ideas that we started to have and a couple of topics that actually never stopped to fascinate us. And among them, we realized that for quite some time were actually topics around sustainability. So we didn't specifically look for anything out of that topic, but we met around topic of mobility. We looked a lot in e-mobility because we were also then working and consulting in that topic, in electricity also. So that was the moment we understood there is a lot moving in order to change the way we consume energy, in order to get down carbon emissions. But there was one sector that was not moving at all, and that was the whole building sector. And as soon as you look at the question on what which kind of emissions are we actually producing as mankind and how do we actually get that down? It's one of the sectors where as soon as you dive into that, you ask yourselves like, why don't we do more about this? It's just the beginning. Everyone has understood that. Everyone also has started to act. So EU is quite pushy on that topic, rightfully so. And luckily a lot of EU member states have actually started to adopt the pace that EU is actually somehow starting themselves and are actually starting to do more in the sector. Among them, for example, Germany, but there are others like also France, Netherlands. There's a lot moving on that topic currently.

Yeah.

And as soon as we understood like which amplitude this problem has, we started to be fascinated. And I mean, luckily Julia had a first life Siemens Energy, very corporate. She was building power plants, mostly gas-fueled, so a lot of carbon emissions to make up for in the future. But that somehow brought us back to a topic that we knew we also already worked in, but started to look at from a new angle. And within the first steps of looking at that topic, we actually spoke to someone that we both actually admire very much and talk to a couple of people in the space. And one thing that we heard was, yeah, but at some point with energy renovation, you need to touch the building. Like, why not do something that's purely digital instead?

Hmm.

And this is where we understood we cannot solve this problem purely digital. At some point, we need to change the physical world we're in. So that's definitely something where— or there was a moment for us where we understood, okay, they are those rusty, dusty topics and they require quite an effort and thinking holistically. And this is where we said, like, sounds like us. And ever since, that was, I would say, the founding moment somehow of NOVO. And then a couple of months later, we also officially founded the company in 2022 and are now on the road for 1 year already.

Amazing. So, okay, so hold on, let me recap. So Julia has a background in heavy industry and in energy from Siemens. You had a background in consulting and helping startups to scale. Like, that was a gutsy, ballsy move to say, right, we're going to go into renovation of buildings to, to help offset carbon emissions. That's pretty ballsy, because you could have chosen anything to do, Mona. And I love the fact that you're saying, wasn't when everybody's saying go digital, and we're like, no, but you have at some stage, we have to touch the buildings, we have to work on the buildings. And you said, I want to go for that. What fascinates me is that I often see great entrepreneurs go for the hard stuff. And that's what you're doing. And I love it. 2 gutsy women. Yes, that's amazing. So you started Novo in 2022. So tell us a bit more specifically about what you do and where you do it, if you have a specific geography.

Yes, so I'm jumping right into a problem that probably a lot of people that are listening to that podcast actually know, which is now, at least in Germany, everyone talks about the energy efficiency of buildings. So let's bring the energy down that is consumed by a building. But then the first question is always like, okay, but where does my building actually stand today? And what I— What could I potentially do? to get this building into a better future. So everything that happens around the analysis and planning phase is actually the first pain point that you encounter. Why? Because even before you are getting to the solutions of, okay, maybe I need to somehow insulate the building, I possibly need to change heating, etc., I mean, those are all the actions that are based on recommendations, and those recommendations, how to actually plan forward, what is the best for this building? What makes sense also financially, of course, but what makes sense for the building itself? What's the condition today? Where could we bring it? What subsidies are out there? And of course also, what are the costs of the works attached? Those are things that in today's world are still covered fully manually and individually. There's in most cases actually people covering that process that are by training normally architects or building engineers that are doing that house by house in a very, of course, analog way. So with this process, we simply cannot achieve the goals that we need to achieve, not only as a society, but also as EU member states in order to get where we want to and need to get and bring down emissions of the building sector. So for us, the starting point and where we actually come in is the moment where people are trying to understand exactly that. Where do I stand and how could I bring my building into a better future? And we actually digitized this whole process. We also connected with a couple of things that are extremely necessary and convenient, like knowing on knowing about things like financing, but also subsidies, regulations that are in place, etc. So the access point to energy renovation, this is a process that we totally take into the digital age. And therefore, of course, we are at one of the earliest moments that you can actually encounter this problem.

And so do you do this for both individuals and more industrial and corporate building? Not corporate, but, you know, commercial buildings? So is it only private buildings, commercial buildings, government buildings, or do you have a certain niche that you do this for?

Yes, so first of all, it's only residential buildings, so any building that's used for other purposes we currently don't cover. That's also a bit different when it comes to everything that you can and/or should do, so it's a bit different thing. We cover residential buildings and When we started with that topic in 2022, we first had the hypothesis that this is actually something which is great for people owning several buildings and actually renting that out. I mean, it is an easy calculation, etc. But then fastly saw that in the times that we were at this moment in time, gas prices were exploding. In Germany, gas is still one of the main things to heat houses with. So we were seeing a lot of insecurity, but also willingness to action for people that were actually living in family homes. The classical situation of you own a home and you live in it, and it is only you and/or your family living in that. And this is why in the beginning we actually had a lot of single-family homes. homes. And interestingly, we now see that this motivation that was very much with homeowners living in their building actually has spread to any form almost of property owner. So no matter if you use it yourself to live in, or if this is a multifamily home where you rent out all the apartments, the topic currently is, I would say, one of the top topics on everyone's list when it comes to real estate holders.

So do you— so you digitize, you do basically, if I've understood correctly, you do an audit of the energy rating situation of the building, and then you make recommendations of what needs to happen to bring it up to the current standards and future-proof it. Is that kind of like in a nutshell what you do?

In a nutshell, that's it. So when we look at an at a building and the question on, or the topic of, where is energy actually consumed within this building? Basically, we look at how we create energy and how it flows through the building, if you want. So of course, everything which is like energy creation, energy storage, etc., heating is one of the big topics, but also everything which is concerning the building envelope. So walls, windows, doors, roofs, so everything which basically somehow seals your house towards the outer space. And you can imagine possibly the situation that as soon as you change one part, you change the whole system. So let's say, for example, you put in a new heating. One of the first things that normally needs to be done is you check where do you in the near future want to and can bring the building envelope. So how the building is insulated, because of course the better it is insulated, the smaller your heating system can actually be, meaning that you even save not only energy but also of course installation costs on the heating system. So everything somehow goes together, and this calculation and overviewing the situation is actually something that we do and therefore help everyone that somehow looks at a building holistically to understand where could I possibly bring this building, what to change, and who could then take over or start the works.

So would you describe yourself then, are you kind of like a, how would you say it? So it's a kind of a ratings agency or a ratings advisor, an energy advisor, but for residential homes in order to get them up to scratch?

Yeah, that's right. We're like a digital energy advisor. So you can think of us, or people in the early days actually compared us a lot to tax software. So there's a lot of tax software out there in the world which is enabling like non-tax consultants like you and me to actually input data that is needed in order to then have something very complex happening in the background. And for us, that's basically the same. We empower you as a homeowner to actually input data and information about the building that we then need in order to process that fully digital. So a process that was before done, of course, with collecting information left and right, asking again for a couple of things, etc. This is where we input data about the building via the help of of course, a couple of documents, the building owner, but also things like regulation, the time your house was built, et cetera. And this enables us to have a full dataset about your building. And with this dataset about your building, to actually derive scenarios on how could you bring it into the future. And of course, as you can imagine, there is a couple of thousands, thousands theoretical variations that could have. And then finding the best one for you, this actually was of course relevant to have to have a software that's able to output a good recommendation for the building that you have and the circumstances that you have, depending of course on what you want to spend. Are there actually subsidies in your region and/or of course your state? We're currently limited to Germany, so we don't operate outside of Germany. But of course, as a federal, very federal state in Germany, there are also differences depending on where exactly you live. So all these recommendations, this is what we then cover for you.

So interesting. And I think, I think it's great because are you noticing a kind of— I'm guessing there's a bottoms-up and a top-bottom approach happening in all of this field in energy management, conservation, and carbon emissions, because on the one hand you have the citizens who want to save money, and who want to do good for the planet. And they want— and on the other hand, you have governments saying we've got to reduce costs and dependency on certain fossil fuels because we have the Global Green Compact. We have all these great big lofty goals from a global perspective, because if we don't, we won't have a planet to mess around with. So there's a bit of a pincer movement happening, which is good. And Okay, so now I want to jump into behind the scenes and what has it been like for you guys on your funding journey? How did you fund Novo so far, like from the beginning when you opened up to your first year? And what are your plans for the future? Because I think again, the reason to our listeners is we want to hear, we want to hear like, hey, you have 2 incredible women who weren't necessarily fully from the industry, who've seen a very important pain point and decided to tackle it. head-on and to provide a solution that is tangible, useful for not only, um, individuals and, and, and people, but I, I would say, but all, and also for governments, municipalities, and, and, you know, countries moving forward. I think that the, the scope of what you're building is, is very exciting. So tell us a little bit more. Bring us back, uh, Mona, when you and Julia were starting off. Like, how did you set up the company with savings and so on? And how have you been going and building your team?

Yeah, that's, uh, it's funny to think back at that because, um, somehow it's very close but it seems to be somehow very distant. Um, when looking at the early days of our founding story, we actually had one situation which was great for us. Um, we were at, um, I think spring 2022, we were joining, we were at that time so Let's jump back. Spring 2022, Julia and I had a couple of ideas or topics that we circled around, and a lot of them were actually in the space of what does it need to bring our cities into this future we somehow all dream of and know it's coming, but don't know how does it actually look, and especially not how we get there. But then comes this question of now we see this problem and we see, of course, if you look into something, you see a lot of pain points. And then comes the question now, how do I decide for one?

Yeah.

How do I nail it down to something that is, that is so tangible that I really understand? Can I start changing a whole way of doing things by changing with that aspect? And during that time, Julia and I, we actually did something that has proven for us to be very, very strong. We joined Antler, which is a VC company and accelerator operating, I think, all over Europe by now, but also, I mean, beyond Europe. And for us, at the time, we didn't know what to expect. We said like, okay, we're working on that idea and we can just go for it and see what it brings for us. And in the end, it proved to be extremely valuable for us. Why? Just because, I mean, there were so many inspiring people. Actually, so many ideas and companies that also came out of this time. We were in close collaboration with them throughout, throughout a couple of months, and seeing that, having that atmosphere, and having people at our side that supported us, that also give you these small hints of where does it make sense maybe to, to dig deeper, because the, the answer is not yet good enough, etc. that was actually something that for us was very valuable.

Mm-hmm.

It was a couple of months, and we also ended the program with the first investment by Antler. So this allowed us actually to somehow shut doors and start working. And this was exactly what we did. So for us, that was really something that did speed us up a lot, and we were able to start working concentratedly on on that topic. And those were like the first months of our founding journey. And then also, I mean, for both of us, actually, children arrived in our lives. Both my wife as well as Julia and her husband actually started families, surprisingly the same day even. So for us it was, yes, what are the odds, right?

Yeah, I love it.

We somehow respect timelines, we say, ever since. So And, um, so for us it was really also the question like, okay, we knew what we built will be a venture case. So this is how we look at things. We know that, um, changing that needs speed, and speed of course is something that you can unlock easier when you have the capital to do so. So for us was really then a question of timing. And maybe you can imagine that this was Quite somehow quite a tough ride when it comes to some of the decisions we had to take, because the moment you actually want to run the fastest— because this is when, I mean, you have the idea, you have started something, you even have some first capital on board— this is when you want to run full speed. And at the same time, that was when we started families, and that's also where you want to somehow run full speed. speed and concentrate on the topic. So it was a constant balance for us. And I mean, it was maybe somehow absurd that it happened to us in exactly the same time. But for us, that was, I mean, worth gold. Why? Because we were in somehow exactly the same situation, being able to actually talk about all the implications that any— business move would have on our family life, have on our family lives, and so on. So for us, for example, the question on when do we actually start fundraise and go in this topic with Fullspeed, that was one that we discussed and we then made a decision. And for us, that's the best thing that could happen in that, is that for us it was so easy to agree on a lot of things as our situation was so similar.

I love that. Okay, pause, pause. That's so cool. And I want to tell you, it's the second time I've heard a similar story because I don't know if you know the accelerator Huckle Tree in the United Kingdom. It's another one called Huckle Tree. And the founder of Huckle Tree was pregnant when her co-founder's wife was pregnant as well. So both of them had children exactly like you guys at the exact same time. So, and you know, she had to deal with a lot of— she was fundraising pregnant and having having to deal with those conversations. So, you know, how are you doing? As if you've got a baby. And we're like, would you ask a man that question? Well, actually, they weren't asking her co-founder. It was so interesting. They were in the exact same situation. He was a new father, a new parent, but because he isn't the one carrying the child, or, you know, all these antiquated things and, uh, biases that are still out there. Because we know in the funding In the fundraising game, there's still a lot of biases from particularly male investors. It's not only, but particularly male investors that their first question is, oh, but if you're pregnant, or if you start a family, oh, well, what happens? Like, is family always going to be first? Or how are you going to manage my investment? Did you get any of those funky questions, either of you, during this, the beginning of your funding journey?

Yeah, that's a good question. We, I think, or we talked about that very early on also with advisors from us. And one thing that we observed very fastly is people also told us that you will not get the most funky questions just because it will not be spoken out loud. In some situations, of course, there's something that you hear, but I mean, it's very rarely, and that's maybe the tough thing about, the toughest thing about unconscious bias is that it's unconscious. So first of all, people who are taking decisions where unconscious bias somehow plays a role, they think they take a decision in which nothing like that plays a role. So this is the most tricky part because we actually understood very fastly that it's something that we cannot— to some degree, we cannot fight. Why? Because the unconscious bias is there and it's unconscious. So that's the tricky part. But of course, we see that. I mean, we talk to advisors, mentors, people who are actually very open with us, and they did tell us the part of the story that we possibly do not hear from others that are not that close to us, which is like, yeah, people will possibly wait, wait it out and see what you do after children's birth. And those are actually moments to start to understand, okay, there will be dynamics that I will not see at the surface, but they will be happening.

Yeah.

But I mean, there's dynamics happening all the time. So we said, okay, we just— this is what it is, we're in that, so we navigate those waters. And this was basically how we sailed all the time. We very early on said that it's nothing that we are going to hide, because we think you cannot change a system by playing by its rules.

Yeah.

So we play by the rules that we think are changing the system. And I think this is one thing that we've been not only 100% agreeing on, but ever since also have been very happy on having done that and still being on that road.

I love it. Amen. Amen. Amen. I mean, that is fantastic. I want to repeat that again. You heard it again. What did Mona just say? You cannot change the system by playing the rules, by applying the rules, and you are changing the system in your startup and just the way you live your lives. And honestly, it's ridiculous that in this day and age, people are still wondering, are we capable? I mean, of doing both? Of course we are. It's all a question of organization and hard work and grit. And we— it's played out so many times more over and over again that actually, those founders, women founders who have children, who have young children, they just get so much done because they manage their time and they're very efficient. So I don't want to spend more time on that. But I think it's important that we We talk it up, make it awareness and say, hey, and I love your approach of both of you, which I think is the best way. So I go, okay, you're gonna have your bias, that's fine. That's your issue. We're just going to keep moving forward. And you will find the people who are your tribe and who get you and who are going to trust you and work with you along your side in any case. So it's a question of like, if they're not part of your tribe, it's not part of your tribe. And that's okay. But I want to get back to— let's get back to your fundraising. So you've had a first intake with Antler, and that varies, I think, per country, doesn't it? It's like they take— it's $100,000-something, isn't it?

Yeah, I don't know if it varies per country, but maybe due to the currency, but it's a $100,000 investment. Yes.

Yeah. So, okay, so you started off fantastic after doing the program at Antler, $100,000, and then what? Then what have you done so far from— well, since then, because that gets you so far, what's What's the next steps on your fundraising journey?

Yeah, so for us, I mean, a lot of the fundraising of course happens prior to the fundraising because this is where you actually start building a product, having first customers, getting first partners on board. And for us, that was one of the most relevant points or times that we actually— or one of the most relevant aspects of our fundraising, maybe because of the way we're built, maybe because we have to move more than others, we don't know. But for us, of course, it comes in handy when we can actually show what we've done. We started to build, or we have built the first product. So we were actually able to be out there in the world to actually take care of customers. We had first paying customers. We had also first partners at our side. So for us, that was one of the most relevant points as we started to say, the problem doesn't happen only in private. The problem happens when you are in touch with people that know buildings, that are somehow in this process that you think of, in which you think of energy renovation. So we also started to collaborate with players like banks. So financial institutes are currently really important for us as—

Mm-hmm.

we see them as one of the, of course, most important points that you start to understand there might be something that I should renovate in that building, no matter if you just purchase it or if you are already having that building for a couple of years. But so there are people at your side, and this is something where we actually focus on the first couple of months. So build a product and actually Got first pilot customers, then got real customers. So a lot of these exciting things were happening like in the first couple of months after the first investment. And we were really heads down and working on the product, which was, if you ask me, a great thing to do.

Yeah.

So because this is where we really advance. And we said, okay, now we've actually achieved something. Now we build a product, we've proven a couple of things. We had first customers that actually showed it works. And it's fascinating the way that it is. And this was also when we said, we can actually take more speed on that and went into our fundraising.

In your journey, you'd consider yourself at around the pre-seed stage, correct?

Yes, that's correct.

Okay, so we're still— that's important again for our listeners, you know, depends on the industry, depends on, yeah, very much on the sector and sometimes in the countries as to how you label each stage. So I just think it's useful for your example to say we're talking about pre-seed at that stage. So Mona, thank you so much for walking us through your funding journey so far with Novo. It's been so, so exciting. So what is the latest news on this recent fundraise that you've just— that you're going through?

Yeah, thanks for asking. It's actually that we closed our round. So we were able to bring a dream constellation of investors on board to start, or continue rather, this journey with us. So next to our day one investor Antler, who also participated, we got 2 really precious investors that backed the round with Citizen Capital, a French impact fund, as a lead. Actually one of the first pure impact funds, so quite a visionary fund. We're very happy to have them. And 2BX, quite an urban tech rebel, I would say, one of the young newcomers, Berlin-based fund. So that for us is a dream combination. We got some strong angels that also joined the round, so we're really up for changing this environment, the built environment, and actually getting our houses to be more carbon neutral.

I love it. Well, congratulations. I mean, that's just incredible news. I mean, like, seriously, we celebrate you. We need more incredible EU-based clean tech, climate tech, environmentally changing companies, and you're one of them. NOVO is in that league. And I'm so glad, as you said, that you have a great mix of French and German investors. That's wonderful. I'm curious, do you have any women investors in those, in the cap table, or are they all men? I'm just curious.

Yes, we actually do have women investors on the cap table. So we actually have, of course, a couple of great people that we're in close contact with in the funds. So both female partners as well as male partners in both funds, investment managers, also female and male. So I mean, this is maybe something that shows that also the ecosystem of venture capital actually gets more diverse, and that, yes, actually getting or having this ecosystem getting more diverse also leads to funding companies that are not coming from this last century's background, I would possibly say. So having a more diverse diverse ecosystem and founders is of course also starting and going together with having a more diverse ecosystem in the venture capital world. So we're very happy to have both female and male investors coming on board, as well as actually having investors who think that this is one important factor to look at. So, and this is also not a given, um, no matter the gender of the investors, of course, that this is an important topic in the portfolio. to look at a balance of teams to bring in and founders to bring on board. So we're really happy in that regard.

Well, listen, congratulations. I am so— I really am truly thrilled. I mean, who would have thought when you first applied to Pitched and won, you know, one of the prizes at our very first pitch competition, like you knew you were going on to this round, but I'm so pleased because we want to say, yeah, We celebrate you. We really do, Mona, and the whole NOVO team. So please give our best to your co-founder and the whole team. And yeah, we celebrate and listen. Here's to more amazing magic coming from NOVO moving forward. Where do you see NOVO going?

Yeah, that's actually a great question or a great topic because I mean, for us, you can maybe imagine both Julian and I, we actually we had so many hours in our collaboration even prior to NOVA that we spent with strategic questions and the question on where do we go and is this there or what makes sense and why do we choose to go a certain direction. So we are actually a bit obsessed about this question in the sense of we need really great answers and I mean there's a lot of ways of answering the question on where the space, for example, is going and how to unlock it. For us, one thing is very clear. It's something that needs automation.

Yeah.

So we can of course somehow accelerate what we're doing by doing the same, but a little bit more speedy and possibly a little bit more streamlined. But this is not what will help us as humanity, as industrial nations of a of a building stock that's actually 100 years old very often, to actually get to an energy efficiency that we actually need to attain. So for us, one thing is extremely clear, we need to have a fully automated process behind that. And this is why for us, this is one of the focus areas. So really taking care of this not being anymore a manual and individual process, but rather looking at, or looking at it from the angle of how can we have this the fastest at an accuracy level that we need for the individual.

Yeah.

So as you can imagine, speed and accuracy, of course, are always a trade-off.

Yeah.

So we are looking very closely at what is the balance that we want to attain, because Of course, for us, the faster we can be and the less accurate we need to be on buildings, the better. But of course, at the same time, we need to understand that. If we look at this whole building stock, how accurate do we need to be and with which kind of building? So this is where we are actually also having a couple of great partners at our side. Like for example, RheinEnergie, it is an energy provider in the Rhine area. So we are looking at really large areas with them, grouping a couple of thousands of houses and trying to understand like where can we bring that as fast as possible, not looking at every individual house but possibly starting from having a good understanding of the type of house that we see. So those are all things that you can only do when you have a sophisticated tech product and that's what we're going to concentrate on in the next couple of months.

So I'm curious, strategically, do you have a Chief Technology Officer or someone in the team who has some tech Yes.

So yes, we do have people as part of our larger team ecosystem, but we are at the moment looking for a CTO or a founding engineer. So if ever someone is excited about the topic and listening, feel free to reach out. We're actually having great people that we can push this topic forward with. So luckily we're not blank on that side, but really have great resources and mentors in our network. But yes, looking to take that one more permanent step.

And the reason I ask that is because it's a very key point you're building, especially as you say you want to automate this process, these processes, you're going to have to have your own IP. You really, you really want to have your own app or your own solution that's built by you that you own. That's going to be super important moving forward. I know one of our judges at the pitch competition, Kelly Ho, you know, she was asking particularly that question to a lot of the startups who pitching. And it's crucial, you know, it's super important. But I have another question as well of, in your analyses, are you thinking about bringing in AI in some way into the process to automate this? Because, like, it's, it's the big question and the tool that's, that's really going to be part of our, of our lives moving forward. So I'm just curious, where are you? Where are your thoughts on that, yourself and Julia?

Yes, I mean, possibly everyone currently speaks about AI, but we really seriously look at the topic. We have the— we have, I would say, the great thing that we have one big opportunity, and that is that one of our shareholders also is an AI expert.

Right on.

So yes, We were able to get him on board early on as an advisor and mentor at our side. So this is one of the things that actually helps us, of course, massively looking at what can today's technology actually do for the product. And of course, whenever it is about, I mean, repetitive decisions that someone takes based on data, I mean, I think AI is the first thing that someone thinks of at some point in time because of course, decisions that repeat themselves, that are always based on the same range of data. And let's face it, every building owner, of course, thinks my building is individual, none is like mine. But the reality is, of course, that buildings are not as individual as you might think. So, of course, there are similarities. We see the same building stock repeating in certain areas. of course we see a lot of similarities, so we can actually deduct a lot of output just by knowing buildings like yours but not yours. So of course for us that's one of the points where we're definitely going to take, or in which direction we are definitely going to develop the product.

It's so exciting, and I'm like really excited to keep an eye on you. I know that you guys are gonna explode because it is very important what you're working on. It's critical for futures. It's critical. And what are your plans for going more international? I think once you have nailed the German market, which is already a very big market, of course, but once you've kind of really tested it out in Germany, do you have any future plans on more international growth?

Yeah, so very early on, we actually looked at the question on what is the building stock doing both in Europe, Australia, of course, as well as worldwide. And we see a lot of differences, like for example, in Europe, the building stock actually tends to stand a little longer than in other countries. And of course, we have the situation that within Europe, there is actually mandatory regulation that every member state needs to somehow turn into action. So, we will see a lot of movement in all EU member states in the next years. definitely in all states that have a similar building stock to ours, as the challenge will be the same. So within Europe, we are having— we are going to have so much work that it will be hard to cover that in the time span that we want to cover it. And timely ambition is needed here. So yes, we are definitely thinking about a couple of countries that are are very interested in having a solution like the one we offer. And it will be a matter of time only before every country in the world that has a building stock will think about similar things.

Brilliant. And I'm excited to hear you saying that, Mona, because we need more incredible scale-ups in Europe and then we need them to stay in Europe and to serve Europe and to get funded in Europe. That's absolutely critical so that the IP that you are developing does not get bought out by investors from other places that have bigger wallets, simply as so. And we have a huge— and it's so great to hear you saying that. I mean, the European market is just as big as the American market. And we just have to always remember that, okay, it's very, very different, very, very different. They have 50 different countries, if you will, in the States, and we've got, you know, 28 plus, but very, very different cultural differences. However, having said all of that, it's just great to hear a startup that has great ambition, that's European and proud to be so and wants to stay there. So as we kind of come to the close of this podcast, I wanted to ask you a couple of closing questions around what would be your tips to any women founders who are at the starting gate and their funding journey? What tips would you give to them, Mona?

I think the first one is definitely reach out to others who have been through the process recently.

Yeah.

And we were exchanging a lot with people from our network whose opinion we trust, and they were actually incredibly valuable for us as they, of course, raised questions that were raised within that process. And so having, for us, I mean, having all the answers before questions are asked, this is how we work, not because we want to be first, but because as good businesswomen, we actually need to have all those questions asked if they're business critical. And this is how we actually started that. And of course, I mean, depending on how familiar you are with fundraising, it's definitely like playing chess. The first time you see this board, you're like totally lost, but actually getting into understanding like what are important points, what to actually look at, how to steer a couple of things, um, that's important for us, that was largely coming as, uh, from exchanging with people from our network. So that's maybe the only tip, and the rest is really being fearless and being yourself, as of course also throughout the process, um, at some points you will realize, possibly depending on your nature, even if you're a female founder, of course, I mean, they're totally different female founders, but depending on your nature, you might realize at some point that you might be different from the 99% of pitches that investors see. So, and just knowing that and understanding what does it mean is, I think, very important. And then be yourself and build a great company. It's still that great things build are actually very convincing. So. That's of course one thing that helps fundraising.

I love it. Wow, that is so fantastic. So how can our listeners contact you and reach you, Mona? What's the best way to reach you and NOVO?

So depending on, you can of course always add us on LinkedIn depending on who you are and what you want, but if not, you can also find us at www.novo.eco. So we're one of the first having a .eco domain, which we're very proud of. And just check out what we do and get in touch. We're actually always excited to hear from people who are somehow on that journey with us.

And listen, I want to invite you, Mona, I mean, thank you so much for sharing your story so far. It's absolutely fascinating, exciting. You're on the cusp of a very important industry, industrial change. You're taking a dinosaur industry and moving it into the 21st century. It's like education, healthcare, and so on, so on. There's so many of those dinosaur industries, and this is a key, key one. So I'm very excited to see you guys move forward. You guys meaning yourself and Julia, of course. It's just the euphemism for both. But I'm very excited to see you moving things forward, and I want to invite you to come back another time, at a future time, to do an update with us, to tell us how you're getting on, where you're at, because I have a feeling you guys are going to explode. You are going to explode. I can, I can, I know it. And that's why I'm so proud that, like, we were one of the first ones early on to spot you in the pitch competition. So thank you so much for, for applying to the Investor Summit pitch competition and being part of it. And congratulations on the journey so far, and we wish you the very, very best for the coming months and years. Can't wait to hear your funding news in the near future when you're going to share that. That's exciting. And to just see what happens on this journey because There are— I want— it's vitally important that we have more women in clean tech, more women in climate action, but in clean tech, this is very, very important. There is a lot of money. The governments— I work at the W20 on policy recommendations, and we're talking about all of this stuff to the governments and women and girls in that. And this is so important. Women's entrepreneurship is a transverse tool that supports the economy across the world. We have a lot more power than we think, and it's an incredible opportunity. So we need the billions and billions and billions of euros and dollars are going into clean tech, are going into, you know, the clean revolution, right? So women have to be a part of that so that we are building wealth in that and generational wealth, right? So I would really encourage any other women in clean tech in this industry, reach out to Mona, be part of the tribe, and Julia, and Really connect with each other. We need more of you. So that's why I celebrate you both, and I'm really excited to see your journey. And let's keep talking. And I would love to invite you back at a future time, and maybe with Julia, the two of you, to say, okay, look at us now. That'd be so cool. So thank you so much. Um, what would be your parting message, Mona, to our listeners? If you had one last thing to tell them, what would it be?

I think the first thing, or maybe the only thing, is just go for it. We ourselves, maybe you heard it, like, we of course reflected and took a couple of steps before we jumped, but actually the moment of jumping is so important that I would say, like, jump every 4 months if you want, but really just do it. And maybe this is a message that someone hears and then says, possibly finally going for that. So yeah, be fearless.

Yay, fantastic. Thank you so much for being with us today. And everybody, you heard that message. Just jump, go for it, build an incredible company and change the world. You know, this is fantastic messages from Mona. Thank you so much for being with us.

Thank you, Anne. And really great that you and others are pushing so Well into that direction and making so many things happening. So we're really excited to be a staying part of InvestHer. Yay! Thanks a lot.

Thank you so much. Thank you for listening to InvestHer podcast. Don't miss more great funding tips and insights by subscribing to the podcast on Apple or your favorite podcast host. And while you're there, I'd love you to rate and review the show. We'd love We'd love to hear from you. So if you'd like to send in some questions, interact with our guests, or suggest other great people we should feature, join our community on the Flick InvestHer group or send us a message on investherpodcast.com. Want more great resources for female founders about funding? Check out our InvestHer Academy at academy.globalinvesther.com. I'm Anne Ravanona and look forward to having you with us again for our next episode.

Bye.

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