FirstFuel Scoops In $10 Million in Series A Funding
Date: Monday , April 02, 2012
A commercial building energy analytics company, FirstFuel, secured $10 million in its series A round of funding from RockPort Capital. The round also saw participation from existing investors Nth Power and Battery Ventures. Previously the company had secured $2.4 million in its initial round in September 2011 led by Battery Ventures, Nth Power, and individual investors. The funds would be used for the company’s expansion in the utility and government markets, accelerate the product development efforts to expand the capabilities of its Rapid Building Assessment (RBA) platform.
“The addition of RockPort Capital builds on the strength of our existing investors, bringing together three of the top investment firms in the cleantech market. This financing provides the resources needed to support the rapid adoption of our platform by our growing customer base. More importantly, it helps accelerate our goal of becoming the leading driver of scalable building energy efficiency through mass customer engagement,” says Swapnil Shah, Co-Founder & CEO, FirstFuel Software. The company was founded in 2010 by Swapnil Shah, Ken Kolkebeck, Nalin Kulatika, and Robert Kaufmann.
“We are excited with the progress that FirstFuel has shown over the past year. Their rapidly growing customer base already includes some of the nation’s largest utilities and government agencies. Commercial buildings represent an enormous energy efficiency opportunity around the world and we believe the company can be the undisputed leader in this market,” says Rodrigo Prudencio, Partner at Nth Power.
FirstFuel’s RBA platform helps to remotely benchmark building energy performance, creating rich energy profiles eliminating the need for costly and inconsistent on-site energy assessment. “Non-residential buildings provide a massive opportunity for energy efficiency. After a thorough examination of the market and competitive landscape, we found FirstFuel to be the company best positioned to deliver a highly scalable energy information service,” says Todd Wilson, Partner, RockPort Capital.