US-based energy-saving software provider Palmetto has closed a $29m series B round featuring Evergy Ventures and Shell Ventures, which invested on behalf of energy utility Evergy and petroleum supplier Shell respectively.
Arctern Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and Leto Family Office filled out the round. Greycroft had already led the company’s $6m series A in September 2018, investing with Lerer Hippeau, Box Group and angel investor David Stern.
Palmetto provides software systems that help consumers track and understand their energy use, in addition to solar panel, energy storage and electric vehicle (EV) charging systems.
The funding will support geographic growth and the expansion of the company’s customer service, data science and research and development teams.
Shell Ventures’ chief investment officer, Robert Linck, said: “The potential for rooftop solar and the electrification of homes in the US is huge and the competitive landscape is fairly fragmented with just a few dominant players.
“Palmetto’s platform strategy and plans for additional products and services such as EV charging, bill management and energy retail are exciting and will allow them to offer consumers truly integrated renewable energy solutions.”
