VC fundraising for energy & utilities software companies
Energy and utilities software has become one of the more active corners of climate-adjacent venture. Grid modernisation, DERs and the electrification stack have drawn dedicated climate funds, energy-specialist growth investors and selective generalists, with capital concentrated in operators with real utility, ISO or large-industrial reference customers.
The investor set blends dedicated climate and energy seed funds, growth-stage climate platforms, and a handful of strategic and corporate venture arms attached to utilities, energy majors and industrial groups. Flow has direct relationships across the climate-specialist funds and the energy and utility corporate venture arms that fund this category.
Flow has experience running VC fundraising processes for energy and utilities software companies across grid and distribution management, energy trading and risk, utility CIS and billing, DER and renewables, EV charging operations, and asset performance management. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Energy & utilities software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Bookings
Implementation backlog
Net retention
Utility customers
Time to go-live
Services margin
Subscription margin
Logo concentration
Pipeline coverage
Energy & utilities software valuations in May 2026
Public energy & utilities software comps trade at 2.8x EV/Revenue. Median revenue multiple across energy & utilities software VC rounds was 3.2x in the last 12 months.
2.8x
Median EV/Revenue as of May 2026 for public energy & utilities software companies
5.0x
Nextpower is the highest valued public energy & utilities software company based on EV/Revenue (excluding outliers)
2.6x
Median EV/Revenue across energy & utilities software M&A deals in the last 12 months
3.2x
Median EV/Revenue across energy & utilities software VC rounds in the last 12 months
Key recent energy & utilities software VC rounds
$1.0B Undisclosed stage raised by Kraken was the largest energy & utilities software VC round completed in the last six months.
See all energy & utilities software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Kraken |  | Kraken is a London-headquartered customer engagement platform for energy, water, and broadband providers across Europe and North America. Its technology stack includes billing, CRM, self-service portals, and smart metering analytics to streamline operations. Kraken serves utilities like Octopus Energy and OVO, enabling net-zero transitions through demand response and EV charging management. The platform processes millions of customer interactions monthly, supporting regulatory compliance in deregulated markets. | British Business BankD1 Capital Partners+5 | $1.0B | $8.7B | Undisclosed stage | |
Mar-26 | SFO Technologies |  | SFO Technologies is a provider of software development, manufacturing, software testing, consulting services, quality training, and hardware design. The firm delivers solutions to aerospace and defense, communications, energy, industrial, healthcare, and transportation industries. | Amicus Capital PartnersAnicut Capital+2 | $82M | - | Undisclosed stage | |
Feb-26 | Neara |  | Neara is a Sydney-headquartered provider of 3D predictive modeling software for electric utilities. The platform simulates weather events, vegetation growth, and asset failures on overhead networks, deployed by Ausgrid and Essential Energy for risk assessment and maintenance planning. | EQTPartners Group+3 | $64M | $784M | Series D | |
Mar-26 | Entrix |  | Entrix develops software and services for energy storage and renewable assets, including digital platforms for automated trading, control, and market integration. Utilities and asset owners use its tools for forecasting, analytics, and battery management. | ABACONAENU+6 | $51M | - | Series B | |
Feb-26 | Metiundo | | Metiundo is a Berlin-based provider of hardware and software solutions for capturing property consumption data. The company installs metering equipment and supplies digital processing tools alongside a centralized platform for data oversight and management. | Octopus Energy generation | $47M | - | Series A | |
Nov-25 | Overstory |  | Overstory is a Tel Aviv-headquartered company leveraging AI and satellite imagery to manage vegetation risks for electric utilities. Its platform identifies encroachments along power lines, prioritizing trimming to prevent outages and wildfires. Serving transmission operators in North America and Europe, it optimizes field crews and supports grid resilience amid climate challenges. | B CapitalBentley Systems+8 | $43M | - | Series B | |
Mar-26 | ThinkLabs AI |  | ThinkLabs AI is a firm specializing in AI development and deployment for critical infrastructure and energy sectors. It builds trustworthy models for grid optimization, predictive maintenance on turbines, and emissions tracking. Projects include offshore wind farms in the North Sea and oil refineries in the Middle East. Singapore-headquartered ThinkLabs AI complies with ISO standards for high-stakes applications in renewables. | Active Impact InvestmentsAmplify Capital+6 | $28M | - | Series A | |
Jan-26 | Enlighten |  | Enlighten is a South Korea-based energy IT platform aggregating rooftop solar data and optimizing energy management for residential and commercial users. | Templeton Hana Asset Management | $21M | - | Undisclosed stage | |
Apr-26 | CleanDesign | | CleanDesign provides controls and asset management for clean energy projects with major firms to improve performance and financing. Its initial product optimizes drilling rigs in oil and gas via AI, combining automation, advanced controls, lithium-ion batteries, and IoT data for equipment reports. CleanDesign rents equipment to deliver immediate cash flow benefits to customers. | Edison Partners | $20M | - | Undisclosed stage | |
Jan-26 | Cambio |  | Cambio is a San Francisco-headquartered climate technology company that equips commercial real estate owners with software to track and reduce building carbon emissions. Founded in 2021, it analyzes facility data to recommend retrofits like HVAC upgrades and solar installations yielding both emissions cuts and energy savings. Cambio partners with property managers handling millions of square feet in portfolios across North America. Its platform integrates with existing building management systems for real-time decarbonization insights. | Adverb VenturesMaverick Ventures+2 | $18M | $100M | Series A | |
Feb-26 | Zero Homes | | Zero Homes operates a digital platform for residential electrification, enabling remote home assessments via mobile app, customized designs for heat pumps, EV chargers, and electrical upgrades, along with contractor coordination and rebate assistance. | Exelon FoundationFJ Labs+5 | $17M | - | Series A | |
Feb-26 | Capalo AI |  | Capalo AI is an artificial intelligence platform tailored for the energy sector, accessible via capalo.guru. It provides analytics, predictive maintenance, and optimization tools for oil, gas, and renewable operations. The service processes operational data to enhance efficiency in upstream, midstream, and downstream activities. | Heartcore CapitalInnovestor+4 | $13M | - | Series A | |
Jan-26 | Metergrid | | - | Hager GroupLBBW VC+2 | $12M | - | Series A | |
Jan-26 | Klir | | Klir is a Dublin-headquartered SaaS solution for water utilities tracking regulatory compliance data. The web-based tool aggregates monitoring, analyzes reports, and ensures adherence to standards, with offices in London, Boston, and Toronto serving global clients. | Insight Partners | $10M | - | Series B | |
Feb-26 | Derapi | | Derapi is a universal API enabling integration for distributed energy resources like solar batteries EV chargers and smart thermostats streamlining data access for developers and manufacturers. | Aurora Venture InvestmentsBreakthrough Venture Capital+10 | $7.0M | - | Seed |
VC investors active in energy & utilities software
Antler is the most active VC investor across energy & utilities software, having invested in 8 startups in the last three years.
See all energy & utilities software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | EnerzyzBriqScoreEVyaan+2 | 8 | Pre-seed | |
Future Energy Ventures | | Future Energy Ventures is a venture capital firm investing in digital technologies reshaping the energy sector. From offices in Berlin, Tel Aviv, and Palo Alto, it funds startups in smart grids, energy storage, and blockchain applications for utilities. The platform facilitates collaborations between corporate partners like Innogy and portfolio companies such as AutoGrid and Tado. Future Energy Ventures has deployed capital into over 20 ventures globally, supporting scaling through strategic introductions and operational expertise. | SolarizeenspiredJua+2 | 5 | Series A | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | Condor EnergyInviscid AICambio+2 | 5 | Pre-seed | |
Congruent Ventures | | Congruent Ventures is a San Francisco-based early-stage venture capital firm managing over $1 billion in assets under management across climate technology funds. The firm invests in startups tackling mobility and urbanization, energy transition, food and agriculture, and sustainable production and consumption challenges, positioning itself as one of the most active players in the climate investment ecosystem. | GridStrongPanoRaptor Maps+2 | 5 | Series A | |
Prelude Ventures | | Prelude Ventures is an early-stage venture capital firm focused on startups combating climate change. It backs innovations in clean energy, carbon capture, sustainable agriculture, and mobility. San Francisco-based, the firm nurtures founders creating scalable solutions to decarbonize industries and achieve net-zero goals. | Zero HomesPersefoni AIBrightband+2 | 5 | Series A | |
Buoyant Ventures | | Buoyant Ventures is a Chicago-headquartered venture capital firm that targets early-stage startups developing software to mitigate climate risks. The fund supports companies in sectors such as agriculture, energy, insurance, and infrastructure with investments ranging from seed to Series A rounds. Its portfolio features Heirloom for direct air capture, Pachama for forest carbon measurement, and ClimateAi for weather-based risk forecasting. Established in 2019, Buoyant Ventures has deployed capital across North America and Europe, collaborating with limited partners including universities and family offices to scale climate technology adoption. | GravitySunairioRaptor Maps+2 | 5 | Series A | |
Helen Ventures | | Helen Ventures is the corporate venture capital arm of Helen Ltd., a Helsinki-based energy utility serving the Finnish capital region. The fund targets early- and growth-stage startups in energy, e-mobility, circular economy, decarbonization, and digital solutions. It collaborates with industry experts and customers to scale portfolio companies developing sustainable technologies. Helen Ventures draws on Helen Ltd.'s expertise in electricity distribution, district heating, and cooling across Finland. | node.energyEmulate EnergyGradyent+2 | 5 | Series B | |
Energy Impact Partners | | Energy Impact Partners is a New York-headquartered global venture capital firm managing over $2.5 billion in assets that invests in technologies accelerating the energy transition. Backed by leading energy and industrial corporations such as Exelon, Shell Ventures, and TotalEnergies, it deploys capital across venture, growth, credit, and infrastructure stages in startups focused on grid modernization, electrification, carbon capture, and renewables worldwide. | ThinkLabs AIOverstoryeSmart Systems+2 | 4 | Seed | |
Breakthrough Energy Ventures |  | Breakthrough Energy Ventures is a Kirkland, Washington-headquartered investment firm launched in 2017 by the Breakthrough Energy Coalition that funds climate technologies in clean electricity, hydrogen, and direct air capture. The venture deploys capital into companies developing fusion energy, long-duration batteries, and sustainable aviation fuels. Investments include Commonwealth Fusion Systems for tokamak reactors, Form Energy for iron-air batteries, and Climeworks for carbon removal plants. Backed by investors like Bill Gates and Jeff Bezos, it operates globally with over 100 technologists guiding deployments. | GeologicAIReactive TechnologiesMantle8+2 | 4 | Series A | |
EIT InnoEnergy | | EIT InnoEnergy is a Stockholm-headquartered innovation engine investing in early-stage climate tech and sustainable energy startups across Europe and the U.S. The firm provides equity alongside de-risking services to accelerate commercialization in battery storage, smart grids, and renewables. | suenaSpottittEnline+2 | 4 | Seed |
Founders and investors we've worked with
We've supported winning builders across energy & utilities software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
See more
Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
See more
Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
See more
sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
See more
Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
See moreRecent VC fundraising track record
See our VC fundraising experience across energy & utilities software and beyond.
Explore our VC fundraising offering for similar verticals
We're a specialized fundraising advisor to software companies.
Our VC fundraising experience spans across all software verticals.
Explore other sectors
We know tech inside & out.
We provide capital raising advisory services to companies operating across the entire tech.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO for energy & utilities software companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A for energy & utilities software companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO