FirstFuel Software closed $23 million in Series C financing in a round led by Next World Capital and joined by new investor Electranova Capital.
All prior investors, including Battery Ventures, Rockport Capital, Nth Power and E.ON SE also participated in the round. Tom Rikert, partner at Next World Capital, will join FirstFuel’s board of directors.
This round brings FirstFuel’s total funding to $45 million since its founding in 2010.
FirstFuel’s software platform applies analytics to meter and business data, enabling energy providers to deliver individual insights to their business customers. The data platform performs detailed performance analysis of energy usage in buildings, helping energy providers to engage with their business customers and deliver services like energy efficiency, demand management and on-site generation.
Since its commercial launch in late 2012, FirstFuel has analyzed data for more than a million building meters, providing intelligence to utilities, energy service providers and government customers, according to the company.