The latest addition to our expansion fund is £502,000 in growth financing from Silicon Valley Bank (UK), which brings our total funding from VCs, banks and other investors to over £5M, with investment coming from byFounders, Luminar Ventures and business angels.
It follows strong growth in our native Sweden, where more than 115,000 households have signed up for the Greenely platform, and we’ve doubled the number of our paying customers in the last nine months. Our customers typically achieve savings of 10% on their electricity bills, with the ability to share cost-savings and energy reductions with friends and neighbours — that social factor has been a key ingredient in our growth.
Tanmoy Bari, our co-founder and CEO, says: “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. We aim much higher, driving customer loyalty through a superior experience and continually reinvesting in our platform to push that forwards. Our ultimate aim is to start an energy revolution, driving consumption down, saving people money and helping the planet.”
The UK offers us a golden opportunity for international expansion. Interest in and uptake of smart meters, solar panels and electric vehicles have really snowballed in the country over the last two years, along with a groundswell of support for renewable energy. From our research, 13 million UK households (46% of the total) could already benefit from the increased control and intelligent guidance on power usage we offer.
Greenely’s arrival in the UK is entirely in tune with now-mainstream trends in the country: the UK Government has recently confirmed plans to shake-up management of the country’s electricity supply infrastructure to better enable smart, renewable solutions for individuals.
Explaining its keen interest in supporting our UK expansion plans, Silicon Valley Bank’s Ruari Phillips says: “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’re really excited to be supporting Greenely as part of their ongoing growth story and expansion into the UK and beyond.”