Series A29 November 2023

Modo Energy raises £11.8m in Series A funding led by MMC Ventures to support international expansion

The London-based software provider secured backing from MMC Ventures, Triple Point Ventures, Fred Olsen, and Catalyst Capital.

£11.8MSeries A

Modo Energy provides data analytics software for renewable energy assets. The platform helps operators and owners of grid-scale battery systems navigate market changes.

Modo Energy has secured £11.8m in a Series A funding round led by MMC Ventures. The company drew additional backing from Triple Point Ventures, Fred Olsen, and Catalyst Capital. The capital will support the firm as it expands its international presence and enhances its software capabilities.

Founded in 2019, the London-based company offers data analytics and forecasting tools for renewable energy asset owners. Its platform currently serves participants representing roughly 90% of Britain's installed grid-scale battery capacity. The business plans to use the fresh funds to break into new markets, starting with Texas and the wider American and European regions.

From the founder

"We’ve diligently expanded our product offering while maintaining a close connection with our customers, delivering exciting and market-leading features. This investment from MMC Ventures is a testament to their faith in our products, our team, and the limitless potential Modo Energy’s solutions offer, shaping the future of sustainable energy for the better."

Quentin Draper-Scrimshire

Co-founder at Modo Energy

Investor perspective

"Modo Energy has enabled its users – organisations who invest in, develop, own, and operate renewable energy assets – to make a transformational contribution to the energy transition. Modo helps all these market participants to fully understand revenue opportunities, commercialise new projects, and navigate an ever-evolving market with ease. We are very excited to join Modo Energy on its journey as it builds out its product lines and expands into new geographies."