Total amount raised
$43 Millions
Latest funding date
12/01/2022
Location
Setpoint has successfully raised significant funding through multiple rounds, including a $31 million Series B financing. The company specializes in building automation and energy management solutions, offering products that cater to various sectors such as HVAC, Electrical, Refrigeration, and Industrial.
Keep reading to explore the intricacies of Setpoint's fundraising journey and the investors backing this innovative platform.
What Is Setpoint?
Setpoint, founded on January 1, 1991, is a prominent player in the energy management and building integration industry. Headquartered in Ngauranga, Wellington, New Zealand, the company also has offices in Christchurch and Dunedin.
With a workforce of 101-250 employees, Setpoint specializes in providing advanced building automation solutions. Their offerings include HVAC, Electrical, Refrigeration, and Industrial products, all aimed at enhancing energy efficiency and sustainability in various sectors.
How Much Funding Has Setpoint Raised?
- Series A
- Amount Raised: $43M
- Date: December 2022
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in software engineering, develop tools for asset-backed transactions, and expand services beyond real estate.
- Series B
- Amount Raised: $31M
- Date: August 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Not explicitly mentioned
Total Amount Raised: $74M. Current Valuation: Not publicly disclosed.
Key Investors
- Andreessen Horowitz
- Details: A leading venture capital firm known for investing in technology companies. Founded by Marc Andreessen and Ben Horowitz, it has a significant influence in Silicon Valley.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Facebook, Airbnb, Lyft.
- Henry Kravis
- Details: Co-founder of Kohlberg Kravis Roberts & Co. (KKR), a global investment firm. Kravis is a prominent figure in private equity and venture capital.
- Investment Focus Areas: Private equity, venture capital, real estate.
- Notable Investments: First Data, GoDaddy, ByteDance.
- Spencer Rascoff
- Details: Co-founder of Zillow and a prominent investor in tech startups. Rascoff has a strong background in real estate technology.
- Investment Focus Areas: Real estate, proptech, technology startups.
- Notable Investments: Zillow, dot.LA, Pacaso.
- Fifth Wall
- Details: A venture capital firm focused on technology for the global real estate industry. Fifth Wall bridges the gap between real estate and technology.
- Investment Focus Areas: Real estate technology, proptech, construction tech.
- Notable Investments: Opendoor, Blend, Hippo.
- 645 Ventures
- Details: A venture capital firm that invests in early-stage companies. 645 Ventures focuses on high-growth technology startups.
- Investment Focus Areas: Early-stage technology, software, consumer internet.
- Notable Investments: Iterable, Goldbelly, FiscalNote.
What's Next for Setpoint?
Setpoint is poised to capitalize on the growing trend of automation and digitization in real estate and asset-backed lending. With a strong financial backing from its Series A funding, the company is set to expand its services beyond real estate, tapping into the broader asset-backed lending market. This expansion presents a significant growth opportunity, allowing Setpoint to develop new tools and software that cater to a wider range of customers.
Future fundraising rounds seem likely as Setpoint continues to grow and innovate. The company’s focus on enhancing its technology platform and entering new markets will attract further investment. However, Setpoint may face challenges such as competition from other proptech and fintech companies and the need to ensure the security and accuracy of its automated transactions. Adapting to regulatory changes will also be crucial for sustained growth.
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