SparkFund, a fintech startups aiming to help businesses adopt energy-efficient products and services through instalment payments, has raised $7m in a Series B round.
Energy Impact Partners led the financing with Vision Ridge Partners and new strategic partners from the energy and utility space also participating.
The funding is expected to close at $10m.
The Washington, DC-based company works with energy vendors to provide businesses with efficient technology systems paid for through monthly installments rather than hefty lump sums.
SparkFund CEO and co-founder Pier LaFarge said its so-called “Efficiency-as-a-Service” model offers businesses “smart, connected energy systems for a single monthly payment with no risk or hassle of ownership.”
Energy Impact Partners managing director Lindsay Luger will join the firm’s board as a result of the deal and said: “SparkFund’s As-a-Service platform offers customers a clear path towards greater efficiency and smart, integrated buildings.
“Our utility partners share the same vision: to provide the customer better service and more reliability at an affordable cost.”
SparkFund claims to have completed 100 projects with customers across 42 US states helping its commercial customers to save an average of $42,000 in annual energy bills.
It says the funding will be used to expand its sales, marketing, software development and operations teams.
The capital will also be used to fuel new partnerships with utility and retail energy provider partners and energy efficiency technology vendors.
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