UrbanChain raises £5.3m in Series A funding led by Eurazeo to scale internationally
Eurazeo led the Series A round to fund international expansion and infrastructure upgrades.
UrbanChain operates a peer-to-peer energy exchange platform in the UK that matches renewable generators directly with consumers using blockchain and artificial intelligence. The Manchester-based firm helps businesses and households access green energy while reducing their electricity bills.
Manchester-based energy technology company UrbanChain has secured £5.3m in a Series A funding round led by Eurazeo. The capital will be deployed to support the firm's expansion into international markets, beginning in Ireland, alongside enhancing its technology infrastructure and growing its headcount from 10 to 21 employees.
Founded in 2017, UrbanChain operates a peer-to-peer renewable energy exchange powered by an integrated blockchain and artificial intelligence system. The platform matches green energy generators with consumers on a half-hourly basis, helping to lower household and business bills while advancing net zero targets. Following the transaction, Eurazeo has become the company's major shareholder.
The business currently manages 150GWh of power with a further 1.2TWh in the pipeline, and anticipates turnover exceeding £22m over the coming year. Previous backers of the company include Innovate UK and the Department for Energy Security and Net Zero.
From the founder
"We're delighted to conclude this Series A led by Eurazeo which will strengthen our technical infrastructure in response to the scale of exponential growth that we are experiencing."
Somayeh Taheri
CEO at UrbanChain
Investor perspective
"We are very happy to partner with the UrbanChain team and look forward to supporting them in bringing their technology and business model forward internationally."
Pierre Devillard
Managing Director in Eurazeo's Venture Smart City team, Eurazeo
Use of funds
- 01Expand into international markets
- 02Build out infrastructure
- 03Grow the team
Investors
Categories
About the company
UrbanChain
UrbanChain runs a peer-to-peer renewable energy trading platform.