Energy utility provider E.ON participated in an oversubscribed $23m series C round for FirstFuel Software, a US-based software-as-a-service provider for the energy sector, on Wednesday.
The round was led by venture capital firm Next World Capital and featured Electranova Capital, the VC fund managed by energy utility EDF and private equity firm IdInvest Partners, and VC firms Battery Ventures, Rockport Capital and Nth Power.
E.ON previously led an $8.5m series B round for FirstFuel in 2013 that also included Battery, Rockport and Nth Power, the three investors in FirstFuel’s $10m series A in 2012. Battery Ventures and Nth Power had already funded the company’s $2.4m seed round in 2011.
Founded in 2010, FirstFuel’s technology enables the remote collection of energy meter data from commercial buildings, combining it with with weather data, information about the building and its location.
The software then uses the collected data to calculate ways to reduce energy waste, either for a single building or across an entire real-estate portfolio.
FirstFuel wil use the series C funding to increase sales and marketing efforts, grow the company’s marketshare in Europe and continue development of its software.