Sweden's Eliq raises €5 million in Series A funding to help energy companies retain customers

Swedish software company Eliq has raised a Series A round of financing to the tune of €5 million from Inven Capital, Contrarian Ventures and prior backers to scale its energy customer engagement platform across Europe. The investment brings Eliq’s total funding since launch to €9 million.

Eliq basically enables utility companies to find and retain customers by upgrading the its communication with end users. The company provides software for people to monitor their electricity usage and demand patterns, taking in information from smart meters, connected devices and weather analytics to deliver instant energy insights and promote efficiency.

"Deregulation and the rising customer expectations for more actionable data insights, transparency and dynamic two-way communication has left established utilities incapable of retaining customers and in need for a platform to better engage with their existing and new clients," commented Rokas Peiculaitis, general partner at Contrarian Ventures on the decision to invest in Eliq.

The fresh cash will serve to bring more solutions to market more rapidly, and to broaden the company's geographical reach by growing its teams in both its HQ Gothenburg and London.