Kraken secures $1bn in its first standalone funding round led by D1 Capital Partners to accelerate its growth as an independent utility platform.

Kraken has secured $1bn in its first standalone funding round, valuing the technology business at $8.7bn following its separation from parent company Octopus Energy. The investment was led by D1 Capital Partners, with participation from Fidelity International, Durable Capital Partners, and Ontario Teachers' Pension Plan Board through Teachers' Venture Growth, alongside existing backers.

Originally developed as an internal tool to manage energy supply operations, Kraken now functions as an independent operating system used by major utilities to handle billing, customer service, and grid flexibility. The platform currently supports over 70 million accounts globally and has expanded its footprint beyond energy into water and telecommunications.

The newly secured capital will support the company as it scales its operations internationally and deepens its technology offerings for utilities navigating the energy transition. Following the transaction, Octopus Energy retains a minority stake in the business while remaining a key commercial partner.