Dusseldorf For most companies, the rapidly increasing energy costs are a threat. At the start-up Tink, which sells smart home solutions for heating, on the other hand, they promote sales.
“The sharp increase in energy costs due to the Ukraine crisis has triggered a boom in the smart heating category,” reports Julian Hueck, who founded Tink together with Marius Lissautzki six years ago. In the first quarter, sales jumped by 35 percent and should break through the 100 million euro mark this year.
Many consumers are interested in intelligent control of the electronics in their home – precisely because it also allows them to save electricity. However, a number of consumers are deterred by the complicated technology, as a survey by the industry association Bitcom showed. That’s where Tink comes in.
“We’re targeting the mass market with our platform, not the technology nerds,” says Lissautzki. The core of the range are smart heating thermostats, which should reduce energy consumption by an average of 20 percent.
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Takeover secures network of service technicians
The potential for such applications is great. According to an analysis by Statista, 6.33 billion euros should be made with smart home applications in Germany this year. The market is expected to grow to EUR 9.08 billion by 2026. In 2026, around 1.12 billion of this turnover should be attributable to energy management alone, Tink’s core business. And these figures do not yet take into account the consequences of the Ukraine war and the resulting accelerated rise in energy prices.
In order to benefit even more from this market, the company has now started a nationwide installation service that can be booked with the purchase of the products. While start-ups like 1Komma5 Grad are building up a Germany-wide network of electricians for the installation of modern heating solutions, Tink is increasingly relying on its own permanent and freelance employees. The company has also set up a repair shop.
An important step in expanding the service was the takeover of Roboexpert, an online shop that specializes in smart applications for the garden, such as robot lawn mowers. Tink not only expanded its range and gained 100,000 customers. “We have made a big leap through the acquisition of Roboexpert,” explains Hueck. Because the company has its own installation network. “As a result, we have now gained the expertise to attract, manage and deploy installers,” says the Tink co-founder.
Four-digit number of wall boxes already installed
Since Tink wants to significantly expand its range, this service expertise is important. It’s not just about heating thermostats, the portfolio also includes, for example, wall boxes for charging electric cars. Heat pumps, for example, are to be added. “The new categories are becoming much more complex, so you need your own installers to ensure the quality and availability that we need,” says Hueck. The Wallbox category in particular has gotten off to a very good start. “We started the area in February and have already installed a four-digit number,” says Hueck. The demand is higher than the number of available devices.
In order to accompany the growth of Tink in the best possible way, the founders have specifically looked for suitable investors for each phase. Rocket Internet, which specializes in building young brands and making them known, came on board during the start-up phase.
The Tink founders want to benefit from the boom in smart home applications.
(Photo: Tink)
Then, last year, the founders decided to bring in a private equity growth investor, Cadence Growth Capital. The round had a volume of around 30 million euros. “That gives us the capital to open up new categories and new countries and to be able to expand the service area,” says Lissautzki.
Cadence expects a lot from the commitment. “With the investment in Tink, we have found the ideal combination of a strong management team and a proven business model in a rapidly growing market for climate-neutral smart homes,” says Sebastian Eiseler, Managing Director and founder of Cadence Growth Capital, explaining the decision.
Successful partnership with utility Vattenfall
The energy supplier Vattenfall is also a strategic partner. They sell smart home technologies and electricity contracts in bundles. “The previous five years of partnership between Vattenfall and Tink have been very successful for both sides,” explains Rainer Wittenberg, Managing Director of Vattenfall Europe Sales, when asked.
The energy supplier also supports Tink in developing new categories in the field of e-mobility and decentralized energy solutions. For example, they jointly market wall boxes.
>> Read here: These young companies promise more energy efficiency for consumers
In addition to expanding the range, Tink sees “huge potential in internationalization,” as Hueck emphasizes. In the first step, the company established the markets of Austria, the Netherlands and Belgium. Expansion into the Scandinavian region is now beginning in Sweden. However, the growth is currently being slowed down by delivery problems at many manufacturers. Hueck admits that this is a real challenge that needs to be solved together with the producers.
The founder made an observation: Vendors that were previously praised for their highly efficient supply chains now have the biggest problems with their ability to deliver. And he adds: “Companies that worked more cautiously and had higher delivery stocks are now having a much easier time of it.”
More: Heat transition – These measures can be used to reduce the energy requirement in buildings.