French-based home energy renovation firm Effy has announced a €20 million led by Felix Capital. The new funding will be used to invest in their proprietary software platform, build their consumer brand and to launch new products and services.
This is the first time Effy had taken external funding - the company has been entirely self-funded to date and in 2019 it sold off its business and communities activities to Engie.
It cites ‘the European energy crisis and the shift to a more sustainable lifestyle are now significantly accelerating a renovation wave’ for its reasons to seek funding in order to grow and capitalise on the situation.
Founded by Frederic Utzman after his parents boiler broke down and he had to research alternative solutions and parts. That was back in 2008 and now his company Effy offers turnkey home energy renovation projects.
"Following the energy crisis, energy renovation is becoming a priority in all European countries. We are a leader today in France and have great growth ambitions, in France and soon in Europe. The time has come for us to welcome our first financial partner, who will be able to support our growth and our ambition in the next decade. Felix Capital was the best choice for Effy, particularly given their strong understanding of consumers, their experience with growing marketplaces of a global scale, and their ability to support our long-term brand vision," says Frédéric Utzmann, founder and CEO of Effy.
"At Felix, we aim to back entrepreneurs and teams making a positive impact on the world in an ambitious way. We have been impressed with the Effy team’s dedication and depth of knowledge in the energy and sustainability space, built over the past 15 years in France. We are proud to now partner with them on their journey to scale what is already a strong European, mission-focussed business. The quality of the team, the historical operational excellence of their business were determining factors in our investment decision, along with the team’s positive impact on employment and on local ecosystems in the field of energy renovation,” says Frédéric Court, Founder and Managing Partner of Felix Capital.