Clean energy platform WattBuy has announced a $10 million expansion of their Series A raise, led by SE Ventures, a venture capital fund backed by Schneider Electric, along with My Climate Journey (MCJ) Collective, a climate tech fund. WattBuy’s total Series A raise stood at $13.25 million.
The funds from this round will be utilized to double WattBuy’s workforce. The company also plans to expand its product line, data science, and business development. WattBuy will soon launch a new solar service that provides U.S. residents with community and rooftop solar options. The company informed that it will also continue to build personalized energy products, services, and tools for its engaged customers to leverage distributed energy resources.
“While we were not planning to extend our Series A, the tremendous interest from partners like Schneider Electric and MCJ Collective that play a pivotal role in our future growth plans was impossible to ignore,” said Naman Trivedi, CEO, and co-founder, WattBuy.
“We’re thrilled to be partnering with WattBuy at this inflection point and to help position the company’s technology as a foundational energy data fabric, helping consumers make smarter and ultimately cleaner energy choices,” said Grant Allen, general partner, SE Ventures.
WattBuy also announced the hiring of Bobby Tulsiani as the company’s first chief financial officer. Tulsiani served as the head of strategy and finance at Opendoor and was the director of corporate planning and analysis for Netflix.
WattBuy was formed in 2017 and provides consumers with cleaner energy choices through its marketplace of electricity solutions. The company maintains that its comprehensive set of application programming interfaces (APIs) helps personal finance companies, real estate platforms, energy services businesses, and others provide their customers with clean energy solutions and personalized energy analytics. WattBuy has raised a total of $16 million in venture funding since its inception.
Last year, WattBuy raised $3.25 million in its Series A round of funding led by Evergy Ventures. Additional investors include Updater, Avesta Fund, Yoav Lurie, John Sherman, and Bill Gatreaux. Existing investors participating in this round included Fort Ventures, Techstars Ventures, and Powerhouse Ventures.
According to Mercom Capital Group’s 1H and Q2 2021 Funding and M&A Report for Storage, Grid & Efficiency, VC funding for Energy Efficiency companies in 1H 2021 was 89% lower with $5 million compared to the $47 million raised in 1H 2020.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.