Electrify, an energy startup behind Singapore’s first retail electricity marketplace Electrify.sg, is targeting to raise up to $5 million in its Series A funding round that it aims to close before the end of this year.
Established in 2017 by Julius Tan, Electrify last raised $30 million in March 2018 via token sales, funding its goal of making electricity more affordable and accessible in Southeast Asia.
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For its Series A funding round, Electrify said it has been in talks with potential investors in the region. Among its existing backers are TEPCO Frontiers Partners, a subsidiary of Tokyo Electric Power Company Holdings Inc, Omise founder Jun Hasegawa, and Humint CEO Wendell Davis.
Electrify has also undergone agreements with energy firms like Narada Asia Pacific that manufactures storage batteries and TEPCO to adapt its technology for regional markets. The Singapore-based firm said it will explore commercialisation in Japan, in collaboration with TEPCO.
The funding that will be raised in the Series A will be used to propel the startup’s growth, with a focus on technology development, strategic hires, and enhancing its capabilities in artificial intelligence and blockchain.
The first electricity marketplace in Singapore, Electrify said it has helped businesses save about $527,000 in their electricity bills since March 2017. Synergy, which forms a crucial component of Electrify’s electricity contracting ecosystem, facilitates peer-to-peer energy trading across an existing city-wide energy grid.
Synergy is scheduled for a commercial trial in Singapore later this year, the startup said in a statement.
Electrify CEO and co-founder Martin Lim said there is keen interest among companies an consumers in Singapore for renewable energy. This trend has led to the growing proliferation of solar rooftop installations.
“Our platform is among just a few in the world that can facilitate P2P energy trade across a whole city. This builds on our vision to make a difference for consumers, providing them easy access to renewable energy despite urban residents not having access to a rooftop,” Lim added.
For the Series A funding round, the startup said it is keen on partnering with strategic investors within the infrastructure and energy space than can aid in market entry as well as navigate respective in-country regulations.
Traditional investors such as Venture Capitalists and financial investors that are versed in the intricacies of the energy markets and its development are also welcome.