- Swedish smart energy platform, Greenely announced today that it has raised about €1.8 million in a fundraising round.
- It has secured over €5.8 million in total funding, with prior initial investments from Founders, Luminar Ventures, and angel investors.
- Greenely is a smart digital energy firm that assists you in lowering your energy use and saving money.
- It provides a monthly subscription for its advanced service, in addition to a free offering via its app, which educates customers to wiser electricity usage.
Greenely, a Swedish smart energy platform, announced today that it has raised about €1.8 million in a fundraising round to assist the company’s speedy entry into the UK in the second half of 2021. This round’s most recent additions include about €590K in expansion funding from Silicon Valley Bank (UK).
Greenely was founded in 2014 to link directly to smart meters to display energy use and give actionable information to clients looking to lower their energy costs. Based on Greenely’s power wholesale pricing, the software connects with solar panels, electric cars, and smart home devices to optimize energy use.
Greenely has now secured over €5.8 million in total funding, with prior initial investments from Founders, Luminar Ventures, and angel investors. It comes on the heels of significant growth in Sweden, where over 115,000 homes have joined up for the Greenely platform.
The platform has more than quadrupled its paying consumers in the previous nine months. Customers generally save 10% on their electricity bills, and the platform allows them to share cost savings and energy reductions with friends and neighbors.
How Greenely helps you save money?
Greenely is a smart digital energy firm that assists you in lowering your energy use and saving money. You have the power with the Greenely app! You will receive regular updates on your energy use, with hourly resolution. Simply link your smart meter to the app, and your new energy adventure will begin sooner than you realize.
The firm started its mobile app in 2017 and swiftly rose to become Sweden’s largest energy community. The software, which is completely free to use, assists homeowners in simply understanding their power use. Today, more than 115,000 Swedish houses are linked to the free service. We also implemented a digital power contract with no markups in 2018. Greenely has since grown to become one of Sweden’s fastest-growing power providers. Customers estimate that they may save up to 20% on their power bills.
Greenely provides a monthly subscription for its advanced service, which includes brokers’ power supply at cost price, in addition to a free offering via its app, which educates customers to wiser electricity usage. This makes its principal revenue independent of customers’ power use. This is a crucial difference over other energy suppliers and a major driver of a 327 percent rise in monthly recurring revenues over the last year.
Tanmoy Bari, Greenely’s co-founder, and CEO stated, “All traditional energy providers base their earnings on their consumers using more power: it’s pounds per kilowatt-hour.” For them, power is merely a commodity. We strive for higher, fostering client loyalty through a superior experience and continuously reinvesting in our platform to propel this further. Our ultimate goal is to spark an energy revolution, reducing consumption, saving people money, and benefiting the environment.”
According to Bari, the United Kingdom represents a wonderful potential for international development, as interest in and use of smart meters, solar panels, and electric cars have skyrocketed in the last two years, coupled with a surge of support for renewable energy. Greenely believes that 13 million UK homes (46 percent of the total) may already benefit from the platform’s enhanced management and intelligent power consumption recommendations.
Greenely’s entry in the UK is fully in line with current trends: the government recently announced intentions to restructure the management of the country’s energy supply infrastructure in order to better enable smart, renewable solutions for individuals.
Silicon Valley Bank’s Ruari Phillips explained Silicon Valley Bank’s keen interest in supporting Greenely’s UK expansion plans: “Greenely speaks to a growing UK market for smart, green power, which offers customers a means to take full control of their usage, reducing their expenditure in an environmentally friendly way.” We are really thrilled to be a part of Greenely’s continuous success story and development into the UK and beyond.”