UrbanChain, the Manchester-based P2P energy exchange, has appointed KPMG to lead its £50m+ Series B fundraise.
Led by CEO Somayeh Taheri, UrbanChain is revolutionising energy consumption and distribution through its cutting-edge technology ecosystem model.
With 10x revenue growth in the last 12 months UrbanChain says new funding will continue to deliver exponential growth in the UK and enable the proven model to be rolled out internationally, including the US and Europe.
UrbanChain’s growing pipeline also includes EVs, electric heating systems and grid management, and the company already has an eye on unicorn status.
Energy veteran Graeme Cooper was recently hired to lead the US expansion and is already engaging with regulators and potential partners across three states.
The KPMG Series B appointment comes days after Deloitte named UrbanChain third fastest growing UK tech company, with 8,810% over the past three years.
During Deloitte’s coveted UK Technology Fast 50 ceremony UrbanChain landed three other major category wins: The CleanTech award, Number One in the North West and the Women in Leadership award.
UrbanChain Founder CEO Somayeh Taheri said her company’s mission is making clean energy accessible for all by creating local energy markets across boundaries, and described appointing KPMG for the Series B push as ‘another critical step in our journey’.
“Our growth during 2024 from £2.5m to £25m has been profitable – but this is just the beginning,” she said. “UrbanChain are the future of electricity markets and our partnership with a global firm like KPMG will ensure we are positioned to attract strategic investors who share our vision for a sustainable, decentralised energy ecosystem throughout the world.”
She added: “With UrbanChain now a live energy supplier, operating as UC Energy, the window of opportunity is widening. The Series B funding round will enable UrbanChain to accelerate growth into new markets, including Europe. Enhance our technology by further optimising its AI and blockchain capabilities, boost our customer base and drive sustainability goals toward a carbon-neutral future.”
Backed by investors including leading European investment group Eurazeo, UrbanChain’s team has increased from 10 to 65, and will end the year with 75.
The leadership team boasts 300+ years of energy and technology business experience, scaling fast growth companies to exit.
UrbanChain creates local energy markets to decouple buyers and sellers of energy from the wholesale market and stabilise the price for both parties, as well as a balanced and autonomous local markets.
“UrbanChain’s proven model has been tested through major global stress events, including the war in Ukraine,” said Somayeh, who leads her team from BASE in Manchester Science Park.
“Having been granted an electricity supply licence by Ofgem in June, we now have all the ingredients required to serve our local energy markets. Industrial and commercial companies, office buildings, data centres, local authorities, housing associations, industrial sites and hospitals are just some of our many customers.
“Our role for our customers is to create communities. Communities that thrive because they quite rightly demand sustainability and accessibility.”
Somayah added that another core part of UrbanChain’s mission is to alleviate fuel poverty and support communities that get left behind by inefficient energy markets.
KPMG already reports plenty of inbound interest, and said it will be looking to find the right partners to be part of UrbanChain’s next phase of growth.
Patrick Molyneux, KPMG Acceleris Partner, venture fundraising for high-growth founders, said: “UrbanChain are a true Manchester and UK success story. They’re on a mission to change electricity markets. And we are delighted to support UrbanChain as they scale their operations and attract the investment needed to further their groundbreaking work in renewable energy.
“UrbanChain are a key player in the global shift towards renewable energy solutions, making them a compelling investment opportunity.”
