HOUSTON, May 6, 2021 /PRNewswire/ -- Molecule, the leading SaaS platform powering the energy transition, announced the close of their $12 million Series A preferred round of funding. The investor group includes Mercury, a Houston-based early-stage venture capital firm that was an early believer in the Molecule team.
Molecule will use the new capital to capitalize on its strengths, further building out its Elektra offering for physical and financial power and launching world-class offerings to manage renewables credits and back-office ETRM functionality.
"In 2020, we realized that electricity—the growth commodity of the 2020s—represented over half of Molecule's customer base, and we decided to double down," said Sameer Soleja, founder and CEO of Molecule. "We were also rated the #1 SaaS ETRM/CTRM vendor. With this fundraise, we have the fuel to become #1 SaaS platform for power and renewables, and then the market leader overall. Molecule is ready to power the energy transition."
"We led the seed round of Molecule upon their formation and are excited to participate in their Series A," said Blair Garrou, co-founder and Managing Director of Mercury. "Molecule's success in the ETRM/CTRM industry, especially in relation to electricity and renewables, positions them as the company to beat for the energy transition in the 2020s."
Molecule is the only modern, mature energy trading and risk management solution on the market that is cloud-native. Legacy products require on-premise implementations and are complex to upgrade. Because Molecule was built in the cloud, the team can complete implementations in about ninety days – meaning they can respond quickly to the changing needs and complexities of the energy industry. Molecule supports a wide variety of physical and financial commodities, live on its platform: power, natural gas, crude/refined products, chemicals, agricultural commodities, softs, metals, cryptocurrencies, and more.
For more information, please visit www.molecule.io.
Molecule is the leader in cloud-native ETRM/CTRM. We make reliable, easy-to-use SaaS software for commodity traders, risk managers, and operations teams at hedge funds, marketers, hedge advisors, IPPs, and world-scale energy and PE firms – in power, gas, crude, refined products, chemicals, and agricultural products. Our customers can go home earlier because Molecule automates routine tasks and complex position, P&L, and risk calculations. Learn more about Molecule at https://www.molecule.io.
Mercury is an early-stage venture capital firm headquartered in Houston, Texas. With over $300 million under management, and $6 billion of value creation since inception, Mercury invests in entrepreneurs and innovation across Middle America. Our investment themes focus on SaaS, Cloud, and Data Science/AI platforms enabling the digital transformation of markets and industries. Learn more at www.mercuryfund.com.
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