Bright, an Australian green energy fintech platform has raised $100 million to take a plunge into energy retailing. The funding round was led by a family investment firm run by Annie Cannon Brookes, Grok Ventures. Katherine McConnell, CEO and Founder of Brighte said the capital raised will be used in 3 major areas – creating new energy payment models, acquiring more solar households and building the brand.
More about Brighte raising $100 million
Alongside Grok Ventures, the $100 million capital funding round was participated by existing shareholders including VC firm Airtree Ventures and Qualgro, and Skip Capital. Brighte has now raised $145 million in equity funding, alongside debt amounting to $500 million.
Brighte CEO McConnell said that from Day One Brighte had a clear and deliberate strategy of focusing on the industry verticals they know best – batteries, home improvements and residential solar. In future, Aussie households will change the way they consume energy and more focus will be on residential generation and storage assets, according to McConnel. In 2021, Brighte plans to launch a new generation tailing model through which their customer will own energy assets and pay back Brighte over time.
The energytech will be their energy retailer and help its customers realise revenue from their solar assets and batteries, adds McConnel. This will allow Brighte to help its customers in 3 ways – customers will get access to the most budget-friendly energy solution, they’ll be able to maximize their energy revenue and finally, they’ll be able to cover the gap between their energy consumption and generation.
Brighte – an Aussie energy tech & fintech
Brighte is Australia’s very own digital payments platform that is also an energytech platform. It is an innovative and customer-oriented fintech established in 2015. In just a matter of 4 years, the company has approved more than $500 million plus in finance and enabled more than 1800 home improvement and solar businesses to offer finance to more than 50,000 Australian households. This energytech company is a responsible financial lender that is committed towards good practice, enabling equitable access to renewable energy resources and protection of consumer interests.
The platform basically offers a marketplace for energy vendors solar (like solar system, solar & battery system and battery storage) and home improvement (such as plumbing, electrical, lighting, guttering, flooring, roofing, fireplaces, awning, etc.). It also offers a marketplace for heating & cooling vendors (for air conditioning & ventilation, hot water systems, solar pool heating systems and non-solar pool heating systems) and garden improvement vendors (like sheds, verandahs, patios, decking, pools and spas).
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