Palmetto, a software company focused on simplified energy savings for homeowners, announced that it has completed a $29 Million Series B raise. Investors from a wide range of sectors including energy, financial technology and software participated in the capital round that included Evergy Ventures, Arctern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and the Leto Family Office.
“We are honored to have support from a wide range of partners and appreciate their recognition in the importance of our mission to mitigate climate change,” said Chris Kemper, Founder and CEO of Palmetto. “The proceeds from this investment will help us further grow our product lines and expand into a wider range of services with our consumers. We have a validated strategic roadmap that continues to withstand the test of time; we have an excellent team and, most of all, a resilient, agile culture that continually adapts to market needs. Our core mission of climate change mitigation has remained front and center in everything we do for over a decade. Today, we’re starting to see real results from that relentless dedication.”
The capital will be used for team growth, focusing on R&D, software, data science and the buildout of customer services, supporting Palmetto’s continued geographical expansion.
“The potential for rooftop solar and the electrification of homes in the U.S. is huge and the competitive landscape is fairly fragmented with just a few dominant players,” said Robert Linck, Chief Investment Officer, Shell Ventures. “Palmetto’s platform strategy and plans for additional products and services such as EV charging, bill management and energy retail are exciting and will allow them to offer consumers truly integrated renewable energy solutions.”
According to Brock Smith, Managing Director at Evergy Ventures, as more pressure is put on decarbonization from the market, legislative bodies, and regulatory agencies, Palmetto is going to be well-positioned to meet those demands.
“Palmetto’s unique business model, which utilizes an end-to-end platform for enterprise customers in addition to opening up opportunities for individuals to make a direct impact on carbon reduction through sales, positions the company well for an increasingly digital and decentralized workforce in clean energy,” said Smith. “Palmetto is more forward-looking than the traditional publicly-traded vertically integrated solar providers. The company has exhibited a clear path to customer acquisition cost reductions that are necessary to accelerate solar deployment around the United States.”
Greycroft led Palmetto’s Series A round in 2018 and has since seen the company take tremendous strides in new sales, product lines, technology and its team.
“Renewable energy is the future, and Palmetto has the best platform to bring renewable energy products and services to the market in a cost effective and scalable manner,” said Will Szczerbiak, Principal, Greycroft. “The leadership team and the network of partners they have built is best in class, resulting in substantial growth. We are excited to continue being a part of their growth story.”
Palmetto is focused on building and deploying simplified software systems that helps consumers understand their energy spend. The objective will lead the sector in shaping consumer energy consumption behavior and solutions to help them save money. The Company continues to innovate proprietary products to reduce costs and drive widespread distribution of simple energy management solutions. Palmetto is a triple bottom line, fully distributed company with teammates throughout the United States.
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