Total amount raised
$100.5 Million
Latest funding date
09/01/2024
Location
David Energy has successfully raised funds through five distinct funding rounds, with the latest being a Series A round involving six investors, including Alumni Ventures and Cathay Innovation. The company leverages advanced technology to transform electricity consumption, management, and distribution.
Keep reading to explore the intricacies of David Energy's fundraising journey and the investors backing this innovative platform.
What Is David Energy?
David Energy is an innovative energy company based in Brooklyn, New York, specializing in energy efficiency and management. Founded to transform electricity consumption, the company leverages advanced technology to optimize energy usage for both businesses and homes.
With a team of 11-50 employees, David Energy offers custom electricity rates, bill monitoring, and smart energy management solutions. Their proactive approach and cleaner energy options have earned them recognition for their positive environmental impact and financial strength.
How Much Funding Has David Energy Raised?
- Pre-Seed Round
- Amount Raised: USD 1,500,000
- Date: March 2020
- Lead Investors: BoxGroup, Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial technology platform.
- Series Unknown
- Amount Raised: USD 4,100,000
- Date: February 2021
- Lead Investors: Equal Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market presence and enhance its technology offerings.
- Debt Financing
- Amount Raised: USD 15,000,000
- Date: February 2021
- Lead Investors: Hartree Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and fuel growth initiatives.
- Series A Round
- Amount Raised: USD 20,500,000
- Date: March 2022
- Lead Investors: Keyframe Capital Partners, Union Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the company's commercial offering and launch its residential offering in Texas.
- Series A Round
- Amount Raised: USD 23,000,000
- Date: May 2024
- Lead Investors: Alumni Ventures, Cathay Innovation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand commercial and residential businesses across the Northeast and Texas.
David Energy has raised a total of USD 64,100,000. The current valuation is Not publicly disclosed.
Key Investors
- BoxGroup
- Details: BoxGroup is a New York-based early-stage investment fund. They focus on investing in technology-driven startups.
- Investment Focus Areas: Technology, Internet, Software
- Notable Investments: Not specified
- Cathay Innovation
- Details: Cathay Innovation is a global venture capital firm that partners with startups to drive innovation. They have a strong focus on technology-driven companies.
- Investment Focus Areas: Energy, Healthcare, Financial Services
- Notable Investments: Not specified
- Alumni Ventures
- Details: Alumni Ventures is a venture capital firm that provides individual investors with access to venture capital opportunities. They invest in a wide range of sectors.
- Investment Focus Areas: Technology, Healthcare, Consumer Products
- Notable Investments: Not specified
- Union Square Ventures
- Details: Union Square Ventures is a venture capital firm that invests in early-stage technology companies. They are known for their focus on internet services and digital platforms.
- Investment Focus Areas: Internet Services, Mobile Applications, Digital Platforms
- Notable Investments: Not specified
- Keyframe Capital
- Details: Keyframe Capital is an investment firm that focuses on innovative companies. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Not specified
- Notable Investments: Not specified
What's Next for David Energy?
David Energy stands at the cusp of significant growth opportunities, particularly in expanding its commercial and residential businesses across the Northeast and Texas. The company aims to scale its business lines in active states and extend its reach to the Mid-Atlantic regions, positioning itself as the operating system of a 100% clean energy grid.
Given the increasing demand for clean and renewable energy sources, David Energy's growth trajectory appears promising. The company has already seen a 198% year-over-year growth in its commercial business and a tenfold increase in connected devices. These milestones suggest that future fundraising rounds may be on the horizon to support its ambitious expansion plans.
However, challenges such as managing the volatility of renewable energy sources and navigating the complexities of the regulatory environment remain. Competing with established energy giants and scaling its technology to new regions will also test David Energy's resilience. Despite these hurdles, the company's innovative approach and strong growth metrics indicate a bright future ahead.
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