US-based energy finance services provider Mercatus has secured $11.7m in a series B round with backing from Trepp, a consultancy for the commercial property and banking markets.
Investment platform Traverse Venture Partners and TPG Alternative & Renewable Technologies (TPG Art), a fund managed by US private equity house TPG, co-led the round. Existing investors Vision Ridge Partners and Augment Ventures also took part.
Mercatus supplies global energy producers and project developers with cloud-based software that helps them better manage their energy asset portfolios.
Trepp led the company’s $3.7m series A round, which closed in January 2014 with participation from Vision Ridge Partners, Augment Ventures and Shah Capital.
Haresh Patel, chief executive of Mercatus, said: “Mercatus is shaping the intersection of digital technology and industry transformation to accelerate the investment of massive amounts of capital required by the energy industry.
“We are passionate about providing our customers with a sustainable competitive advantage and the new upper hand to succeed during this period where the traditional, centralised, grid-based power systems co-exist with the fast-emerging, high-growth distributed generation sector.”
Josh Green of Traverse Venture Partners and Mark Gudiksen of TPG Art have joined the Mercatus board.