Over the past three years, GridBeyond has expanded into several markets, including North America, Japan and Australia. The company has grown revenue by an average of 75% per year for the past two years and expects further revenue growth of 85% in 2023.
The funding will be used to support GridBeyond’s expansion plans and strengthen the team. The latest financing round brings the total capital of the Dublin-headquartered scale-up to €16 million, from existing investors Energias de Portugal (EDP), Electricity Supply Board (ESB), Total Carbon Neutrality Ventures and Act Venture Capital.
The latest agreement comes just months after the London-based pan-European growth capital provider announced the final closing of the Claret European Growth Capital Fund III (“Fund III”), for a total consideration of €297 million and Claret Capital’s position as one of the leaders in the European growth credit industry.
The Claret Capital funds invest in scale-up companies that are built on innovative technologies and have strong potential with proven market traction. Claret Fund III benefits from support from ISIF and Allied Irish Banks, among other institutional investors.
GridBeyond offers a powerful combination of technological excellence and deep domain expertise in energy markets, enabling it to support the wider power grid to integrate more volatile renewables and make the leap into a greener future by managing and optimizing distributed flexible assets.
GridBeyond Chief Operating Officer Richard O’Loughlin noted: “We are delighted to partner with Claret Capital. GridBeyond is at an exciting crossroads in its evolution, scaling rapidly over the past few years with further expected revenue growth of 85% by 2023. This partnership allows us to rapidly continue with our Global Expansion Plans.
“It will also enable the company to strengthen our position in the market and bring new opportunities to our customers, not only to strengthen their energy resilience and reduce high and volatile energy costs, but to realize cost savings that can be further invested in actions that support their own net-zero transition.”
David Bateman, Managing Partner of Claret, added: “The GridBeyond team is helping to turn energy into revenue opportunities for businesses, combining problem solving with breakthrough technology. Their exponential growth impressed us and we are delighted to join Michael, Richard and join the team with the recently launched Claret Capital fund and look forward to supporting them on their growth journey as they continue to drive change in the energy sector.”
In response to the energy crisis, GridBeyond has recently developed a new hedging and trading product that can be offered alongside the funded energy storage offering.