SparkFund Raises $10 Million In Series B Funding Round For Use In Energy-Efficiency-As-A-Service Push
The Washington, DC–based energy-efficiency-as-a-service firm SparkFund has raised around $10 million through a Series B funding round, according to a new press release from the company sent our way.
The new funding round was led by Energy Impact Partners (~$7 million), but included Vision Ridge Partners and others as well.
The new funding will reportedly be used by SparkFund to expand its sales, marketing, software engineering, and operations teams as well as to attract new utility and retail energy provider partners, among other things.
Here’s an overview of what the company is about:
“Customers understand that they can save money with energy-efficient equipment upgrades, such as LED lighting or smart HVAC technology, but widespread adoption in the commercial sector has been slow. Smart equipment upgrades are expensive and the device purchase process remains time consuming and overly technical.
“Subscription model pioneers Salesforce and Netflix redefined how consumers access customer data and entertainment. SparkFund’s model moves the energy industry in the same direction by working with energy vendors to provide businesses with efficient technology systems for a single monthly payment and no upfront cost.”
SparkFund CEO and co-founder Pier LaFarge commented: “Efficiency-as-a-Service offers businesses smart, connected energy systems for a single monthly payment with no risk or hassle of ownership. What we’ve built will fundamentally change the way businesses utilize cutting-edge technology in their buildings.”
As it stands, SparkFund has successfully completed around 100 projects, for customers in 42 different states. These projects reportedly save commercial customers an average of $42,000 a year on their energy bills.
As with all things of this nature, it’s hard to know what the reality is without a full financial audit, but it sounds good.
Image via SparkFund
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