GALVANY closes €10M seed for heat pumps — already profitable, after 7x revenue growth

Berlin-based GALVANY has closed a €10 million seed round co-led by Dutch energytech investor SET Ventures and Berlin climatetech fund AENU — an unusually large and late "seed" for a company that is already profitable.

The problem isn't the technology

Founder and CEO Raik Belka is blunt about why Germany's heat-pump rollout has stalled: not the hardware, but "the gap between subsidy bureaucracy, installation capacity, and economic viability for the end customer." GALVANY's answer is to own the whole chain — sales, procurement, installation and intelligent operation — rather than sell a box and leave the householder to navigate the rest.

Its hardware, the GALVANY Cube (produced with Panasonic), runs alongside battery storage and a software layer, GALVANY Fusion, that uses dynamic electricity tariffs, load shifting and spot-market arbitrage to cut heating and power bills. The company is targeting the hardest and largest segment specifically: heat pumps for Germany's existing multi-family housing stock, where retrofits are most complex.

Profitable, and growing fast

The traction is what sets this apart from most climate hardware raises. GALVANY says it has installed more than 2,500 heat-pump systems, avoided over 3,850 tonnes of CO₂, and generated €20.1 million in revenue in 2025 — a sevenfold year-on-year increase — closing the year with positive EBIT. Profitable growth at that rate is rare enough in the category that the seed label undersells the stage.

The capital funds a sharper focus on the multi-family existing-building market, an expanded offer for housing companies and portfolio holders, the development of GALVANY Fusion into what the company calls an "agentic energy OS," and a wider network of installation partners for nationwide scaling.