Total amount raised
$100.5 Millions
Latest funding date
09/01/2024
Location
David Energy has successfully raised $23 million in a Series A funding round, with notable investors including BoxGroup and Cathay Innovation. The company leverages advanced technology to transform the way electricity is consumed, managed, and distributed.
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, founded in 2019, is an innovative energy company based in Brooklyn, New York. The company leverages advanced technology to transform the way electricity is consumed, managed, and distributed.
Founded by Ahmed Salman, Brian Maxwell, and James McGinniss, David Energy focuses on smart energy management, renewable energy integration, and market participation. Their offerings include Automated Device Management, Demand Response, Shared Savings Program, Retail Energy Provider, and Smart Charging for Electric Vehicles.
With a team of 11-50 employees, David Energy aims to optimize energy usage, reduce costs, and increase the adoption of renewable energy sources for both residential and commercial customers.
How Much Funding Has David Energy Raised?
- Funding Round: Pre-Seed Round
- Amount Raised: $1.5M
- 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 initial product offerings.
- Funding Round: Debt Financing
- Amount Raised: $15M
- Date: February 2021
- Lead Investors: Hartree Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's expansion and operational costs.
- Funding Round: Venture Round
- Amount Raised: $4.1M
- Date: February 2021
- Lead Investors: Equal Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the company's commercial offerings and expand its market reach.
- Funding Round: Series A
- Amount Raised: $20.5M
- 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 expand its services across multiple states.
- Funding Round: Series A
- Amount Raised: $15.9M
- Date: May 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the company's technology and expand its market presence.
- Funding Round: Series A
- Amount Raised: $23M
- Date: September 2024
- Lead Investors: Cathay Innovation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance capabilities to manage the grid using clean energy and expand business lines.
Total Amount Raised: $80M. Current Valuation: Not publicly disclosed.
Key Investors
- Cathay Innovation
- Details: Cathay Innovation is a global venture capital firm that partners with startups to drive digital transformation. They focus on companies that leverage technology to drive innovation and growth.
- Investment Focus Areas: Fintech, Healthtech, Consumer
- Notable Investments: Chime, Ledger, Glovo
- Keyframe Capital Partners
- Details: Keyframe Capital Partners is an investment firm focused on energy and technology sectors. They aim to support transformative companies in these industries.
- Investment Focus Areas: Energy, Technology, Infrastructure
- Notable Investments: Not publicly disclosed
- Union Square Ventures
- Details: Union Square Ventures is a venture capital firm known for investing in internet services. They focus on early-stage investments that create large networks.
- Investment Focus Areas: Internet services, Mobile, SaaS
- Notable Investments: Twitter, Etsy, Kickstarter
- Equal Ventures
- Details: Equal Ventures is a seed-stage venture capital firm investing in transformative companies. They focus on early-stage companies that are transforming legacy industries.
- Investment Focus Areas: Retail, Insurance, Supply Chain
- Notable Investments: Not publicly disclosed
- Hartree Partners
- Details: Hartree Partners is a global merchant commodities firm specializing in energy and its associated industries. They focus on trading and managing energy commodities.
- Investment Focus Areas: Energy, Commodities, Trading
- Notable Investments: Not publicly disclosed
What's Next for David Energy?
David Energy is poised to capitalize on the growing demand for clean energy by expanding its commercial and residential businesses across the Northeast and Texas. With a 198% year-over-year growth in its commercial sector and a tenfold increase in connected devices, the company is well-positioned to manage clean energy generation in real-time.
Future fundraising opportunities seem likely as David Energy continues to scale its operations and expand its market presence. The company’s ambitious vision to decarbonize the energy sector will require additional capital to support its long-term goals.
However, challenges such as managing the volatility of renewable energy sources and navigating the complexities of the energy market could pose significant hurdles. Maintaining transparency and consumer trust while scaling operations will be crucial for sustained growth.
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