Manchester-based UrbanChain, a peer-to-peer (P2P) energy exchange platform, announced on Friday, May 26, that it has raised a £5.25M (approximately €6M) in a Series A round of funding led by Eurazeo through its venture expertise.
The UK company says it will use the funds to expand into new international markets, starting in Ireland.
UrbanChain CEO, Dr. Somayeh Taheri, says, “We’re delighted to conclude this Series A led by Eurazeo. This will strengthen our technical infrastructure in response to exponential growth.
UrbanChain also plans to upgrade its technology infrastructure and grow its workforce from 10 to 21 by December 2023.
Previously, the company received significant investment from Innovate UK and the Department for Energy Security & Net Zero.
UrbanChain: P2P energy exchange
Founded in 2017, UrbanChain runs a peer-to-peer (P2P) energy exchange in the UK, providing an energy market and trading platform for renewables.
Powered by an integrated blockchain and AI system, it matches generators of renewable energy and consumers on a half-hourly basis and continues to disrupt the market by reducing bill prices for businesses and households.
Through its P2P exchange, the company enables access to true affordable green energy for everyone while driving forward the net zero agenda.
With 150GWh (gigawatt hours) of power under management and almost 1.2TWh (terawatt hours) in the pipeline, UrbanChain’s turnover is set to grow beyond £22M over the next 12 months.
Based out of Paris, Eurazeo is a global investment company. It has a diversified portfolio of €34.1B in assets under management, including nearly €24.1B from third parties, invested in 590 companies.
Pierre Devillard, Managing Director of Eurazeo’s Venture Smart City team, says, “We are very happy to partner with the UrbanChain team. We look forward to supporting them in bringing their technology and business model forward internationally.”
“Through the P2P markets, the firm supports the development of renewable energy where consumption is, hence limiting drastic impacts on the grid and providing benefits to local communities. What they do is clearly the future of electricity markets!”
Matthieu Bonamy, Partner in Eurazeo’s Venture Smart City team, says, “At Eurazeo, we believe that renewable energy growth is largely driven by power purchase agreements.”
“UrbanChain’s talented team has developed the technology that enables direct matches between consumers who want to consume clean energy and green generators.”