Clean Energy Startup WattBuy Secures $10 Million After Recording Strong Customer Growth

By Adriaan Brits Tuesday, October 12, 2021

Clean energy startup company WattBuy announced today it has secured an additional $10 million for its Series A business funding round led by SE Ventures. MCJ Collective, as well as existing investors Evergy Ventures, Updater, Powerhouse Ventures, Techstars Ventures, Avesta Fund, and Yoav Lurie, also took part in the funding round.

Two hands holding a lightbulb and a seedling.

Robust Consumer Growth Recorded Over the Last 12 Months

The latest investment brings WattBuy’s total business funding raised to $13.25 million to date.  All institutional inventors that provided funding for the startup in this round have previously invested in early-stage climate tech startup companies.

“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. We value the commitment of these industry leaders to help us fundamentally reshape how consumers make energy decisions and support our mission of becoming the ‘everything platform’ for energy,” said Naman Trivedi, CEO and co-founder of WattBuy. 

The latest business funding round comes as a result of the robust consumer growth recorded by the clean energy startup company in the past 12 months. WattBuy plans to use the fresh business funding to expand its team and product offerings. Additionally, the company will  invest in data science and business development. 

The startup also plans to roll out a new solar service that offers customers community and rooftop solar solutions as well as continue to develop personalized energy solutions. 

“We’re finding that companies across a growing number of verticals want to present climate-friendly, cost-saving solutions to their customers,” said Ben Hood, co-founder and CTO of WattBuy. 

Hood added that the clean energy startup company represents a solution that allows top “brands and enterprises in the world to provide that intelligent, seamless experience to their customers.”

Jason Jacobs, the founder of MCJ Collective, said that the world needs to accelerate the development of clean energy and climate tech industries. Progress in these fields will help tackle the urgent issues associated with the climate crisis. 

Furthermore, the startup company also said it will appoint Bobby Tulsiani as its new Chief Financial Officer. Tulsiani previously served as a head strategist and chief of finances at Opendoor. He was also the director of corporate planning and analysis for the streaming giant Netflix. 

Emily Kirsch, Founder and Managing Partner of Powerhouse Ventures, said that WattBuy has proved it is capable of not only providing clean energy solutions but also a path “to upend how consumers and businesses interact with energy providers.” 

Strong interest in the latest funding round indicates the powerful traction that the startup’s API and partnerships have allowed, Kirsch added. Since the startup company’s inception in 2017, WattBuy has secured a total of $16 million in venture funding. 

Schneider Electric, which is backing venture capital (VC) fund SE Ventures, is a global specialist in energy management and automation that provides efficiency and sustainability solutions.

Summary

Clean energy startup company WattBuy said it obtained an additional $10 million for its Series A business funding round spearheaded by SE Ventures. The startup company intends to use the new funding to expand its team and make further investments in the development of its products, business, and data science.

About the Author


Headshot for author Adriaan Brits

As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.

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