EnergySavvy has reeled in $7 million in venture financing, cash that the Seattle company will us to continue to market its software to utilities across the country. The deal was led by San Francisco’s Prelude Ventures, with existing investors also participating.
EnergySavvy’s online tools help utilities operate energy-efficiency programs, with customers such as Puget Sound Energy, New Jersey Natural Gas and Minnesota Energy Resources. It now has two dozen clients in 20 states.
The Seattle company is led by former Microsoft employee Aaron Goldfeder and former Redfin and Amazon.com employee Leo Shklovskii.
“We have been watching EnergySavvy scale its business and have been very impressed with how much has been accomplished with limited capital,” said Prelude’s Tim Woodward, who is joining the board. “So many cleantech companies have raised tens or hundreds of millions in venture funding with uncertain results. We think now is the right time to put some additional capital behind the company’s momentum, as more and more utilities realize the software platform from EnergySavvy is the key to driving program effectiveness per dollar invested.”
EnergySavvy plans to use the new funds to double their staff of 43 by the end of the year. Total funding in the six-year-old company now stands at $12 million.