The Swedish startup Eliq has raised a Series A round of financing co-led by Inven Capital and Contrarian Ventures to scale its energy customer engagement platform in Europe.
The European utilities industry is changing. Solar cells, battery packs, electric cars and smart homes change how we use electricity in everyday life and make new demands on tomorrow’s energy company.
Eliq Energy Engagement App engages with the company’s customer by tracking their energy usage and generation based on data from smart meters and Internet of Things (IoT) devices.
The white-label application lets company’s customers monitor their energy consumption in real-time, at their fingertips.
Eliq, the energy customer engagement company that enables utilities to rebuild their customer interaction for the digital era, today announced it has raised a €5 million Series A round of financing. co-led by Inven Capital and Contrarian Ventures with participation from existing investors.
“We enable utilities to become a meaningful part of customers’ lives and ultimately help accelerate the Energy Transition from within those customers’ homes.Håkan Ludvigson, CEO and Co-founder, Eliq
The new funds will enable us to bring more solutions to market quickly and to broaden our geographical reach by growing our teams in both Gothenburg and London. ”
The investment brings Eliq’s total funding since its launch to €9 million and will help the company aggressively expand its sales and marketing efforts as well as accelerate product development. Inven Capital’s General Partner Petr Míkovec and Contrarian Ventures General Partner Rokas Peciulaitis will join Eliq’s Board of Directors.
“Eliq represents the future of communication between energy companies and their customers. We were amazed by how Eliq is lowering the churn rate of their utility customers, for some by up to 70%.Petr Míkovec, Managing Director, Inven Capital
They are enabling to build deep trust between the utility and the end consumer which is manifested by the steep increase in engagement rate and interaction time – in some cases tenfold,”
Inven Capital is a venture fund based in the Czech Republic, investing in early and growth-stage technology companies in the cleantech and new energy sector in Europe and Israel.
Swedish startup Eliq makes Inven’s 12th portfolio company, which also includes notable companies such as Sonnen – home energy storage (exited to Shell), Tado – smart thermostat and CyberX – cybersecurity (exited to Microsoft).
Contrarian Ventures is an early-stage European and Israel focused energy tech and e-mobility venture capital fund, and Eliq marks Contrarian Ventures 16th investment from its Smart Energy Fund where other notable investments include energy storage company Moixa, e-bike subscription service Zoomo and utility scale solar park engineering software PVcase.
“Deregulation and the rising customer expectations for more actionable data insights, transparency and dynamic two-way communication has left established utilities incapable of retaining customers and in need for a platform to better engage with their existing and new clients.Rokas Peiculaitis, General Partner, Contrarian Ventures
We feel incredibly lucky to be supporting this exceptional team with great co-investors and to contribute to Eliq’s success to change the European utility landscape.”
The Series A financing builds on an exceptional year for Swedish startup Eliq which saw a rapidly growing roster of clients, product and market momentum in the rapidly changing European energy retail landscape, launching with leading utilities such as Vattenfall and CGE (Chile / Naturgy Group) and receiving top recognition by industry analyst firms.
The Eliq Team
Collectively, Swedish startup Eliq is a team of engineers (electrical, mechanical and software – what better combination!), developers, entrepreneurs, innovators, musicians, foodies – all who share one common characteristic: tech lovers. Below are Eliq’s founders who have one thing in common: they want to make a difference using the unique mix of knowledge.