SPAN, a developer of a smart connected electrical panel, raised $90 million in a Series B funding round, bringing the company’s total funding to date to $134 million.
Fifth Wall Climate Tech and Wellington Management led the funding round with other investors include Angeleno Group, Robert Downey Jr.’s FootPrint Coalition, Van Jones’ Obsidian Investment Partners, A/O PropTech, and existing board investors.
The company plans to use the fresh funding to develop its SPAN Home suite of energy products and solutions to drive commercial growth and accelerate the electrification of homes.
“We’re excited to deploy this new capital to expand our product offerings that simplify homes’ decarbonization and continue developing the unparalleled approach to home energy management that SPAN is uniquely positioned to deliver,” says Arch Rao, CEO, and founder of SPAN.
SPAN is also adding to its senior leadership team with the recent additions of Ryan Harris joining as Chief Revenue Officer and Laks Venkatesan joining as SVP of Finance.
The company is developing electrification products and solutions that address the growing needs of homeowners, recently announcing SPAN Drive, the company’s new Level 2 electric vehicle charger. “EVs are the first step toward electrification for many homeowners, so an EV charging solution was a logical next step for SPAN,” added Rao.
According to Mercom Research, in May 2020, SPAN raised $10.2 million in Series A funding led by ArcTern Ventures with participation from Capricorn Investment Group, Incite Ventures, and existing investors.
According to Mercom Capital Group’s Q4 and Annual 2021 Funding and M&A report for Storage, Grid & Efficiency, smart grid companies raised $1.2 billion in VC funding in 35 deals in 2021, a 55% increase compared to $748 million raised in 38 deals in 2020.