Manchester-based energy tech company, UrbanChain, has raised £5.25m in a new funding round, led by Eurazeo.
It’s the latest investment in the firm, which runs a leading peer-to-peer energy exchange in the UK, following Innovate UK and the Department for Energy Security & Net Zero.
Using integrated blockchain and AI, UrbanChain matches generators of renewable energy and consumers on a half hourly basis. It is seeking to disrupt the market by reducing bill prices for businesses and households.
The new funding, which will see Eurazeo become its major shareholder, means it can expand into international markets, starting with Ireland.
“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,” said UrbanChain CEO Dr. Somayeh Taheri.
The company said it expected its turnover to grow “well beyond” £22m over the next 12 months. It would also more than double its workforce, to 21.
“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,” added Pierre Devillard, Managing Director in Eurazeo’s Venture Smart City team.
“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!”
