Retail Supplier Secures $20.5 Million Series A Financing To Scale Its Bundled Supply, Software Offering
Supplier, Which Has Been Focused On C&I, Will Soon Beta Residential Service
March 28, 2022 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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David Energy today announced the closing of a $20.5 million Series A round of funding, co-led by Keyframe Capital and Union Square Ventures’ designated climate fund.
Keyframe Capital’s Ben Birnbaum will join the board and USV’s Rebecca Kaden will join as an observer.
Additional investors in the round included existing seed investors Equal Ventures, Box Group, and MCJ Collective, alongside new investors Toba Capital, Turntide, James Dice, and others.
"We will deploy this capital to rapidly scale-up our SMB offering in New York, expand our service offering into Texas, as well as launch our beta residential offering across both of those markets," said James McGinniss, Co-Founder and CEO of David Energy. "We are excited about the initial success of our SMB launch in New York and believe there’s a massive opportunity to bring our unique bundle of software and energy supply to these underserved customer segments."
"David Energy’s technology analyzes and controls customer demand in real-time by integrating with customers’ energy devices (e.g. smart thermostats, EV chargers, backup generators, battery, and solar systems). Leveraging these distributed energy resources directly into electricity markets, David Energy buys and delivers power to customers more efficiently than incumbent providers. Their software-driven approach introduces transparency and modernity into a traditionally opaque, commoditized industry, and defies legacy approaches by aligning its incentives with its customers through sharing in the savings the platform generates," David Energy said
"Since their Seed round in February 2021, David Energy has begun operating as a retail energy provider in New York, New Jersey, and Massachusetts and has submitted an application to expand into Texas. They successfully launched their software platform for Small and Medium-sized Businesses to market in New York and will use this round of financing to further accelerate customer adoption of that platform while developing a brand-new Residential product for the New York and Texas markets," the company said