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Retail Energy Shopping Website & Broker Raises Additional $10 Million In "Series A" Round
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Retail energy broker and electricity shopping website & platform WattBuy announced it has raised $10 million in additional investment for its Series A round of funding.
This raise was led by SE Ventures, a venture capital fund backed by Schneider Electric, along with MCJ Collective. Existing investors also participating in this round include Evergy Ventures, Updater, Powerhouse Ventures, Techstars Ventures, Avesta Fund and Yoav Lurie, bringing WattBuy’s total Series A raise to $13.25 million.
The funds from this round will enable WattBuy to double its team, expanding in product, data science and business development.
Additionally, the company will soon launch a new solar service that provides residents across the country with community and rooftop solar options.
Further, WattBuy will continue to build personalized energy products, services and tools for its engaged customers to unlock the potential of distributed energy resources.
"The expansion of WattBuy’s Series A round follows significant customer growth over the last 12 months," the company said
"WattBuy is enabling enterprises in any industry to launch their own branded energy marketplaces to help consumers access affordable and clean energy options for their homes; which is an incredibly attractive value proposition for businesses with strong brands and a loyal customer base," said Brock Smith, Managing Director at Evergy Ventures. Partners include Internet of Things platforms like Samsung SmartThings, personal finance applications like Intuit Mint, and real estate platforms like Updater.
WattBuy also announced the hiring of Bobby Tulsiani as the company’s first Chief Financial Officer. Tulsiani joins WattBuy after serving as the head of strategy and finance at Opendoor and director of corporate planning and analysis for Netflix. Earlier in his career, Tulsiani held product management roles for Barnes & Noble and AOL.
Since its founding in 2017, WattBuy has raised a total of $16 million in venture funding.
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Reporting by Paul Ring • ring@energychoicematters.com
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