Leap, the provider of a universal distributed energy marketplace, has recently secured $8.2 million (€7.38 million) from a combination of equity and debt in a Series A funding.
The round is led by Union Square Ventures along with participants from existing investors Congruent Ventures, National Grid Partners, Powerhouse Ventures, Elemental Excelerator, and FJ Labs. This brings the total capital raised to approximately $11 million (€10 million).
As per the company claims, this funding will be used to enhance and expand operations in new markets and industries, and help grow the team in the United States and the Netherlands.
Last year, the company announced a partnership with Google Nest to allow its residential smart thermostat customers to contribute demand response services to the grid for the first time. Notably, Leap was also selected as one of 17 companies in the eighth cohort of clean technology-focused Elemental Excelerator.
For the uninitiated, Leap is a Distributed Energy eXchange (DEX) platform grants generation assets and energy resources, including battery energy storage, electric vehicles, and HVAC systems access to global demand response programs, renewable energy certificate programs, and real-time pricing through a single API.
The company’s marketplace enables cloud-connected sources of the load to participate in wholesale energy markets, earning revenue by helping to balance the grid. Leap is a privately held company with offices in San Francisco and the Netherlands.
Main image credits: hrui/Shutterstock
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