Climate Insider Brief:
- Gorilla, a Belgian energy data and analytics company, has raised €23 million ($25 million) in a Series B round led by US venture capital firm Headline.
- The company’s cloud-based platform helps energy providers process large amounts of data to forecast energy needs and optimize operations.
- With the new funding, Gorilla plans to expand into new European markets and grow its presence in the US.
PRESS RELEASE – June 12, 2024 – Gorilla, a Belgian company that serves the energy sector with real-time data and analytics for pricing and forecasting, has raised €23 million ($25 million) in a Series B round led by U.S. venture capital firm Headline.
Founded in 2018, Antwerp-based Gorilla works with energy providers across Europe, the U.S. and Australia, including British Gas’ parent Centrica, Shell Energy and Atlanta, Georgia-based Gas South. Using Gorilla’s cloud-based platform, these companies can process vast swathes of energy data and derive insights on things like consumption patterns, allowing them to forecast future energy needs and identify where they might need to make improvements.
Gorilla previously raised around €6 million ($6.5 million), and with this fresh cash, the company plans to expand further into other European markets, including Germany, which is seeing elevated energy prices, and grow further in the U.S. Indeed, the new fundraise comes as energy prices have soared in markets such as Texas — electricity prices in Houston alone have shot up 16% in the past year, with hot weather spurring demand for air conditioners.
Throw into the mix geopolitical factors such as the Russia-Ukraine conflict, ever-evolving regulations, increasingly distributed energy sources across fossil and renewables, and the increasing use of connected technology, and we now have fertile ground for data-focused energy startups to flourish.
“No one knows what the energy sector will look like 10 years from now,” Gorilla’s co-founder and CEO, Ruben Van den Bossche, said in a statement. “But in the path towards it, innovation is key. This investment into Gorilla will help energy retailers across the globe become more agile in their commercial offering while pushing or getting pushed towards net zero.”
Lead backer Headline has previously invested in big-name companies such as Sonos, as well as emerging AI startups such as Mistral, which just closed a $640 million round of funding.
Other participants in the round include the startup’s existing investors Beringea and Belgian private equity firm, PMV.
SOURCE: TechCrunch
Featured Image: Credit: Gorilla
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