Energyworx raises €5.1M Series B led by Eneco Ventures
Breaking news at Ecosummit Zoom today: Energyworx raises €5.1M Series B led by Eneco Ventures and with participation of existing investors ENGIE New Ventures, EDP Ventures and SET Ventures. While the round was oversubscribed, Energyworx selected Eneco Ventures as lead investor due to the shared vision and growth strategy as well as a really smooth deal process and fast due diligence. The Dutch startup is focused on cloud-based energy data management for grid operators and retailers, employs a team of 27 and aims at growing at 100% in 2022. Eneco Ventures is standing out among Europe’s Corporate VCs because it already celebrated 3 exits in the first half of 2021 having sold their stakes in Thermondo, Next Kraftwerke and Greenflux. The proceeds of the exits will be invested in new startups of which Energyworx is the first one. Marcel Smit, CEO of Energyworx, first pitched at Ecosummit Berlin 2017 and, most recently, at Ecosummit Zoom 2 September 2020.
Eneco isn’t a customer of Energyworx yet but we expect this to change soon. In the past, Energyworx managed to upgrade 2 customers to investors. On 20 July 2020, Engie New Ventures invested an undisclosed amount in the second Series A extension of Energyworx after ENGIE’s positive customer experience in the US. Johann Boukhors, Managing Director of ENGIE New Ventures, comments today: “We are delighted to participate again in this round as a follow-on investment since our entry last year. Our Business Units are very satisfied with the collaboration with Energyworx which makes energy data management more efficient and competitive in our own energy transition.”
In November 2019, it was the Portuguese utility EDP that was so happy with the energy data management and analytics provided by Energyworx that they triggered their colleagues at EDP Ventures to invest €1M in the first Series A extension. Nowadays, Energyworx has got over 15 million smart meters under management and new customers include E-Redes, Portugal’s Distribution System Operator (DSO) with 6 million customers. With 3 utilites in its cap table, Energyworx is well positioned to accelerate its growth and global expansion. Congrats to all of you for successfully closing the Series B.
Tags: Cleantech VC, Ecosummit Zoom 7 July 2021, EDP Ventures, Eneco Ventures, Energy Analytics, Energy Data Management, Energyworx, Engie New Ventures, Forecasting, Marcel Smit, Series B, SET Ventures, Smart Green Energy, Smart Green Startup