Budderfly Raises $7.8 Million to Expand Energy Efficiency Outsourcing Solutions Platform
- Covid-19 economy drives demand for unique no-cost business model
- Growth rate at top of energy sector with over 2,000 clients in just three years
SHELTON, Conn., Oct. 21, 2020 /PRNewswire/ -- Budderfly, a national leader in the growing Energy Efficiency as a Service market, today announced a $7.8 million equity funding round led by Balance Point Capital and Edison Partners with additional participation from Connecticut Innovations. The funding will support sales and distribution expansion to meet increasing demand for Budderfly's unique solutions that improve customer operating margins, provide much needed energy capital and enable customers to control costs and focus on changes in their core business amid the challenging COVID-19 business environment.
"Budderfly's rapid growth is a testament to the real value we deliver combined with the mainstreaming of energy efficiency outsourcing," said Al Subbloie, Budderfly's President and CEO. "This additional capital will enable us to continue to rapidly respond to the growing energy upgrade and cost-management needs of our customers across many industries."
Budderfly provides businesses with immediate savings and long-term operational advantages on their energy costs and usage. The company's unique outsourcing model combines comprehensive no-cost energy solutions such as new and upgraded equipment, optimized operations, system maintenance and monitoring and detailed data collection in one no-cost, risk free package.
"Our customers want the operational savings and facility upgrades we deliver and are happy that we handle the time-consuming and often confusing energy decisions and upgrade construction they would otherwise face," Subbloie added. "And, today, everyone is trying to do something to address climate change and improve sustainability by reducing their daily energy usage."
The funding will help triple Budderfly's existing North American footprint of 2,000 customers and fund the implementation of the Budderfly Energy Cloud, a patented solution that combines the management and oversight of all aspects of the customer's energy systems, all at no cost to customers:
- Comprehensive and connected design and control of all energy systems,
- Continuous information collection from multiple meters and sensors, and,
- Best in class utility re-billing software for useful detailed monthly energy reports.
These features combine to offer unprecedented control, functionality and reporting details to Budderfly customers.
Budderfly is also increasing its national partner programs, enhancing its leadership position in key markets and accelerating sales and marketing efforts to achieve its goal of managing more than $3 billion of annual customer energy spending within its first 10 years as an energy efficiency outsourcing provider. Since starting in 2017, Budderfly has grown almost 20,000 percent, and expects to end 2020 with $30 million in recurring annualized revenue.
"Budderfly continues to hold its leadership role in the growing energy efficiency market. The company is driven to provide tangible value to its customers, focusing on great execution and combining proven savings components with its outstanding capabilities in software automation, said Balance Point Capital Managing Partner, Seth W. Alvord, who is also a Budderfly Board member. "Budderfly's management team and distinctive business model have impressed us from the beginning. We look forward to supporting them as they continue their rapid growth."
"Smart energy management continues to be very important to both businesses and the world. We see Budderfly as the right company for any economic environment," said Gary Golding, General Partner at Edison Partners, and a Budderfly board member. "Al Subbloie and the Budderfly management are doing a great job bringing their very scalable solutions to customers across a wide range of industries and sizes. Their leadership and approach to technology and IoT are key drivers making them such an important part of our enterprise software-as-a-service portfolio."
Balance Point Capital (www.balancepointcapital.com) Edison Partners (www.edisonpartners.com) and Connecticut Innovations (www.ctinnovations.com) have previously invested in Budderfly.
"We are proud that our Budderfly Energy Cloud model provides our customers immediate savings, long-term operational advantages and peace of mind every day," added Subbloie. "A single vendor energy management solution that delivers cost savings is exactly what our customers are demanding and we are delivering."
About Budderfly
Budderfly is disrupting the energy industry by leading the digital transformation of energy consumption conservation through its unique Energy Efficiency as a Service model. With no cost to its customers, Budderfly implements proprietary energy intelligence software, energy efficiency upgrades - such as LED lights, HVAC controls, variable frequency drives, refrigeration controls, and much more - that span more than 20 savings categories. Budderfly creates networks of patented IoT devices that meter and report on all elements of energy use. Together these optimize energy usage at the point of consumption within each facility across the enterprise. Budderfly's ongoing services and proactive maintenance ensure that a building's energy infrastructure never becomes outdated. The result is significant, immediate and progressive energy expense savings, upgraded facilities, and a reduced carbon footprint for its client facilities. For more information visit www.budderfly.com or follow us on Twitter @BudderflyInc.
To schedule interviews or for more information please contact:
Matthew Nemerson, Vice President Marketing Budderfly
c 203 444-6482
o 203 590-9867
[email protected]
SOURCE Budderfly
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