Greenely, an energy management platform that helps homeowners reduce their electricity bills and contribute to a more sustainable grid, has raised €15M in funding. The company’s Series A was led by Belgian investment company Korys, with existing investor Luminar Ventures and other current shareholders also participating.
Greenely’s technology uses smart meters and IoT devices to monitor energy usage in real-time, identifying opportunities for households to save money on their electricity bills while also reducing carbon emissions. The platform provides personalized recommendations for optimizing energy consumption, including adjusting energy-intensive appliances and switching to renewable energy sources when available.
The company plans to use the funding to scale its platform to homeowners in Finland and Norway as a first step for international expansion, with an eye on other European markets where smart meters are widely adopted. Greenely’s ambition is to create the largest residential virtual power plant in Europe, which would allow households to participate in frequency balancing services across the region.
The company has already seen significant growth in Sweden, where it has added over 1 million homes to its platform since launching in 2020. With this new funding, Greenely aims to expand its reach and become a leading player in the European energy management market.
Greenely’s technology has been recognized for its innovative approach to reducing energy consumption and promoting sustainability. The company was featured as one of the top startups to watch in Europe by TechCrunch in 2022.
Key points from this article:
- Greenely raises €15M in Series A funding led by Korys, with existing investor Luminar Ventures also participating.
- The company’s technology uses smart meters and IoT devices to monitor energy usage and provide personalized recommendations for optimizing energy consumption.
- Greenely plans to use the funding to scale its platform to homeowners in Finland and Norway as a first step for international expansion.
- The company aims to create the largest residential virtual power plant in Europe, allowing households to participate in frequency balancing services across the region.
- Greenely has already seen significant growth in Sweden, where it has added over 1 million homes to its platform since launching in 2020.