"Tset offers the solution we have been waiting for for 30 years. Until now, it has almost been impossible to reliably estimate the weight or price of the ecological backpack of product development. Tset's technology changes this and could become the standard tool for this task," says Alois Flatz, Impact Investments expert.
31.03.2023
Vienna-based tech start-up for cost engineering
Tset raises €13 million in a new funding round
Tset has raised around €13 million in a new round of funding. The Viennese scale-up plans to use the investment to further develop its technology and open up new sales channels. Tset specialises in cost and CO2 simulation for the manufacturing industry. The new investors include well-known companies such as Brose Ventures and ZF.
Vienna, Austria
Tset provides software solutions for sustainable and cost-efficient product development and procurement. Founded in Vienna in 2018 by Andreas Tsetinis and Sasan Hashemi, the start-up is one of the technology leaders in the field of product cost and CO2 analysis for industry. The software solutions require only a small amount of information to generate very detailed analyses. The concept has already convinced a number of investors and supporters. Individuals are also involved in the current investment. One of the best-known supporters of Tset is sustainability expert Alois Flatz, who contributes as an impact investor to the development of the start-up. Flatz is co-founder of the Dow Jones Sustainability Index, the world's leading stock index for sustainable investments. With the current investment of €13 million, Tset plans to expand its technology and build additional distribution channels. Thus, the company wants to continue its growth course; Tset currently employs 70 people, a number that has doubled every year since the company was founded.
For our further expansion, the expertise of the investors is as valuable as the amount of money raised. That's why we deliberately chose partners like Alois Flatz, Brose Ventures and ZF who have many years of experience and a large network in the industry.
"We decided to invest in Tset because we were convinced by both the competent team and the product. The user-friendly software saves us time when calculating product costs - it also supports us in achieving our sustainability goals by showing the carbon footprint," says Kai Engelhardt, CEO of Brose Ventures.
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