Energy Services Provider/Broker Raises $7.8 Million To Expand Energy Efficiency Outsourcing Solutions Platform

Budderfly, a provider of Energy Efficiency as a Service which also operates as an electricity broker (story here), today announced a $7.8 million equity funding round led by Balance Point Capital and Edison Partners with additional participation from Connecticut Innovations.

"The funding will support sales and distribution expansion to meet increasing demand for Budderfly's unique solutions that improve customer operating margins, provide much needed energy capital and enable customers to control costs and focus on changes in their core business amid the challenging COVID-19 business environment," the company said

"Budderfly provides businesses with immediate savings and long-term operational advantages on their energy costs and usage. The company's unique outsourcing model combines comprehensive no-cost energy solutions such as new and upgraded equipment, optimized operations, system maintenance and monitoring and detailed data collection in one no-cost, risk free package," the company said

"The funding will help triple Budderfly's existing North American footprint of 2,000 customers and fund the implementation of the Budderfly Energy Cloud, a patented solution that combines the management and oversight of all aspects of the customer's energy systems, all at no cost to customers," the company said

The Budderfly Energy Cloud includes, as described by the company:

• "Comprehensive and connected design and control of all energy systems"

• "Continuous information collection from multiple meters and sensors"

• "Best in class utility re-billing software for useful detailed monthly energy reports"

"Budderfly is also increasing its national partner programs, enhancing its leadership position in key markets and accelerating sales and marketing efforts to achieve its goal of managing more than $3 billion of annual customer energy spending within its first 10 years as an energy efficiency outsourcing provider. Since starting in 2017, Budderfly has grown almost 20,000 percent, and expects to end 2020 with $30 million in recurring annualized revenue," the company said

Balance Point Capital, Edison Partners, and Connecticut Innovations have previously invested in Budderfly.