EnPowered garners $12M in seed funding to boost market expansion and hiring
Waterloo, Canada, Nov. 09, 2021 (GLOBE NEWSWIRE) — EnPowered, the on-bill payment platform for the energy industry, announced today that it has secured $12 million CAD over two rounds, led by Version One Ventures and Golden Ventures in the Seed round, and Inovia in the Seed+ Round. EnPowered’s mission is to increase the rate of cleantech adoption by reducing the friction in the sales process for hundreds of cleantech partners. The seed round supported the development of our game-changing platform — Payments — which was recently launched to simplify and accelerate the purchasing of energy solutions after being developed in stealth mode over the past year. With the latest Seed+ round, the company is now expanding its reach across the U.S., recruiting in core functions, and developing partnerships with hundreds of like-minded innovative cleantech companies.
EnPowered has already unlocked $184 million-worth of energy savings for its customers by utilizing machine learning to avoid peak electricity prices. Now the company is setting its sights on becoming the go-to on-bill payments platform for the energy sector. EnPowered Payments helps customers overcome capital hurdles and partners unlock previously unwinnable projects by turning capital investments into operating expenses, getting energy savings flowing from Day 1.
The leading investors for the Seed Round were Version One Ventures and Golden Ventures, with First Star Ventures, Panache Ventures, and Union Capital Partners following. Inovia Capital led the Seed+ Round, followed by Global Founders Capital and Active Impact Investments. EnPowered also announced a new addition to its board — Boris Wertz (Version One Ventures) will be a powerful addition to the existing team.
“The past 18 months have been a period of rapid growth for us. We grew from 5 to 40 team members, while at the same time growing our customer base. We are really excited by the level of investor confidence in our approach and in the industry as a whole. We are forging ahead with our efforts to supercharge the adoption of cleantech, not only in North America but eventually in global markets as well,” said EnPowered Founder and CEO, Tomas van Stee.
“The solutions that EnPowered offers have tremendous potential to build momentum in the cleantech industry and to overcome the funding bottleneck that a lot of companies are facing. The value they create for cleantech solution providers and large energy consumers is astounding which is reflected in the traction the team at EnPowered is getting throughout the industry. We are very keen about their next phase of growth!” explains Jay Shah, entrepreneur in residence at Inovia.
“There’s such a backlog of projects in the cleantech space, so I’m looking forward to how EnPowered will leverage its partnerships with energy solutions providers to tap that reservoir of potential. I have been working closely with EnPowered as they have developed their revolutionary product over the past year in stealth. The rate of cleantech adoption needs to shift into a higher gear, so being able to have finance partners, energy solution providers, and their customers all on the same platform is a huge step forward,” says Boris Wertz, founder and general partner at Version One Ventures.
EnPowered is a pioneering cleantech company accelerating the adoption of innovative energy solutions. The company’s platform provides convenient on-bill payment to enable the acquisition of energy solutions with no upfront costs. The platform also simplifies complex energy markets to predict spikes in electricity prices, allowing customers to shift usage to save on average 48% on electricity costs while also reducing emissions. Additionally, EnPowered is building the Virtual Energy Movement, an ecosystem of like-minded companies that focus on the adoption of flexible energy assets to help the grid shift to renewables. Founded in 2015 in Waterloo, Canada, EnPowered is continually expanding its North American partner network of energy solution providers. For more information, visit www.getenpowered.com
Inovia Capital is a venture firm that partners up with audacious founders ready to build enduring global technology companies. We are known to roll up our sleeves and serve founders with dedicated, long-term mentorship, a global talent network and strategic support for global scale. Inovia Capital manages over US$1.5B across early and growth-stage funds and holds offices in Montreal, Toronto, Calgary, San Francisco and London.
About Version One Ventures
Version One Ventures invests in mission-driven founders at the earliest stages. Led by Angela Tran and Boris Wertz, Version One Ventures manages over $250m in assets across different funds. Select portfolio companies include Ada, Coinbase, Dapper Labs, Outreach and Shippo. Besides being active in marketplaces, SaaS and crypto/blockchain, Version One has a growing interest in funding companies in the climate & energy sector.