Online energy marketplace VECKTA closes $3.3m seed round to accelerate growth

Online energy marketplace VECKTA closes $3.3m seed round to accelerate growth

Published: 12-07-2022 16:25:00 | By: Pie Kamau | hits: 3531 | Tags:

VECKTA, the online energy marketplace that connects commercial and industrial energy users with capital, services, and equipment suppliers, announced it has closed a $3.3 million institutional seed round led by VoLo Earth Ventures with supporting participants, Cove Fund, Triple Impact Capital, SeedFolio, She's Independent and Nomadic Ventures. Founding shareholder, Worley, continues to hold a position in VECKTA. As part of the financing, Kareem Dabbagh, Co-Founder and Managing Partner at VoLo Earth Ventures and Paul Vois, Fund Manager for Cove Fund will join VECKTA's Board of Directors.

Kareem Dabbagh, Managing Partner, VoLo Earth Ventures: "The commercial and industrial distributed energy market has not reached its full potential, and this is critical to the energy transition. We're excited to invest in VECKTA, accelerate the deployment of distributed energy systems, and continue to reduce cost and complexity for C&I businesses making the energy transition."

The investment will enable VECKTA to expand its marketplace platform and grow its pipeline across the food and beverage, manufacturing, and mining industries. VECKTA's marketplace has a proven ability to simplify and accelerate the energy transition for its customers, significantly reducing the high "soft costs" (which historically can be as much as 30-70% of the total project cost) typically associated with the development of energy projects.

Gareth Evans, Founder and CEO, VECKTA: "The C&I energy market has massive potential, however business leaders are hesitant because they don't know what's possible, who to turn to, or how the project should be structured. This problem is amplified as you add technologies and look across a portfolio of national or global facilities. With VECKTA's technology, the energy project development process can be managed from assessment through ongoing system monitoring. We're very excited to collaborate with our new investors to unlock the energy transition and create a more profitable and sustainable future."