Stockholm-based smart energy platform Greenely has secured £1.6 million in a funding round. Greenely connects to smart energy meters and puts the power of energy consumption, and the associated bill that goes with it, in the hands of the consumer. With the funding, Greenely is squarely setting its sights on a UK market entry, slated for the second half of this year. To date, the firm has raised a total of £5 million.
In the past nine months, Greenely has doubled its paying customer base and saw a 327% increase in monthly revenues over the past year. This premium monthly subscription service also brokers electricity supplies at cost price. In doing so, Greenely is setting itself apart from the competition with its main revenue independent of consumers’ power usage.
“All traditional energy companies base their profits on their customers using more power: it’s pounds per kilowatt-hour. Power is simply a commodity for them,” explains co-founder and CEO Tanmoy Bari. “We aim much higher, driving customer loyalty through a superior experience and continually reinvesting in our platform to push that forwards.”
With UK consumers increasing expressing demand for sustainable energy alternatives, demonstrated through the uptake of smart meters, solar panels, and electric vehicles, Greenely is keen to strike while the iron is hot. The company estimates that 46% of all UK households, some 13 million, could benefit from the services they have on offer.
The latest edition to Greenely’s funding round includes £502,000 in growth financing from Silicon Valley Bank.
Commenting on SVB’s interest in Greenely’s UK expansion plans, Vice President Ruari Phillips comments, “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.”