UrbanChain today announced that it has raised a £5.25m Series A round led by leading global investment firm Eurazeo through its venture expertise dedicated to the Climate and Smart City space.
Launched in 2017, the Manchester headquartered energy technology company runs the leading peer-to-peer (P2P) energy exchange in the UK, a unique energy market and trading platform for renewables.
UrbanChain has previously received significant investment from Innovate UK and the Department for Energy Security & Net Zero.
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.
Following the conclusion of the Series A, UrbanChain will expand into new international markets, starting in Ireland.
The firm will also enhance its technology infrastructure and grow its workforce from 10 to 21 by December 2023.
With 150GWh (gigawatt hours) of power under management and almost 1.2TWh (terawatt hours) in the pipeline, UrbanChain’s turnover is set to grow well beyond £22m over the next 12 months.
Today’s deal sees Eurazeo become UrbanChain’s major shareholder.
UrbanChain CEO Dr. Somayeh Taheri said: “We’re delighted to conclude this Series A led by Eurazeo which will strengthen our technical infrastructure in response to the scale of exponential growth that we are experiencing.”
Pierre Devillard, Managing Director in Eurazeo’s Venture Smart City team, said: “We are very happy to partner with the UrbanChain team and look forward to supporting them in bringing their technology and business model forward internationally.
“Through the P2P markets, the firm is supporting the development of renewable energy where the 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, said: “At Eurazeo, we believe that the growth of renewable energy is largely driven by power purchase agreements.
“UrbanChain’s talented team has developed the tech that enables direct matches between consumers who want to consume clean energy and green generators.”