Online Retail Energy Marketplace Raises $1.2 Million In Seed Round
Announces Partnership With Multi-family Dwelling Service Providers
July 22, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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WattBuy today announced that it has closed a $1.2M seed round with Powerhouse Ventures, as well as funding from Schmidt Futures, "focused on expanding market access and deepening its data science capabilities."
WattBuy, founded in August 2017, operates an electricity marketplace for residents in areas with electric choice, and currently operates in Texas, New York, Connecticut and Pennsylvania.
WattBuy also announced partnerships with Hello Alfred and Zego, which provide various smart home, hospitality, and home management services to multi-family dwellings, "to help residents seamlessly choose electricity services when moving into a new apartment."
WattBuy said that it is now backed by clean energy venture fund Powerhouse Ventures, Fort Worth based Fort Ventures, as well as energy titans such as John Sherman (former CEO of Inergy, board member of Great Plains Energy) and Silicon Valley entrepreneurs like Justin Alanis (CEO of Rentlytics, sold to RealPage), and James Beshara (CEO of Tilt, sold to Airbnb).
WattBuy also received funding from Schmidt Futures, a philanthropic initiative founded by Eric and Wendy Schmidt, to contribute to OpenEI (Open Energy Information), an open data initiative developed and maintained by the National Renewable Energy Laboratory (NREL) with funding and support from the U.S. Department of Energy.
As previously reported, in its Ohio application, WattBuy stated, "WattBuy is an energy intelligence and insights service that allows residents to compare and switch electricity plans in order to save money. Using machine learning to predict electricity usage, the WattBuy platform provides customers with smart recommendations of electricity suppliers, smart home devices, energy storage, and rooftop solar systems. The WattBuy vision is to provide the energy foundation for the connected home."
As previously reported, in its Ohio application, WattBuy stated that, among its marketing methods, "WattB will sign partnership agreements with existing businesses to advertise our electricity offerings to their existing customer base. It will primarily be digital partnerships, where WattB can advertise with an existing business’s mobile app or digital customer flow."