Sympower, a provider of electrical grid monitoring management software solutions, has raised €21.3 million (~$23 million) in oversubscribed Series B1 funding. The funding round was led by A&G Energy Transition Tech Fund (A&G ETTF), an independent financial services group based in Spain with direct investment from the European Investment Fund (EIF).
Existing investors such as Activate Capital, Rubio Impact Ventures, PDENH, and Expon Capital participated in the funding round. The company also announced the extension of its Supervisory Board by welcoming Jesús Lozano Lopez from A&G and Tim Healy, the former Chairman and CEO of energy intelligence and demand response leader EnerNOC.
With this funding, the company plans to roll out solutions for grid stability for battery energy storage systems. Part of the funding will also be used for future mergers and acquisitions, European expansion, and scaling of operations.
“I’m grateful for the continuous support of our investors and delighted to see new ones putting their trust in us. Completing an oversubscribed funding round shows our investors’ confidence in our vision, team, and execution capabilities. This new funding will be key in expanding our operations and enabling us to deliver a sophisticated and mature offering for battery energy storage systems.” said Simon Bushell, Founder and CEO of Sympower.
In 2022, the company raised €22 million (~$22.4 million) in an oversubscribed funding round led by Silicon Valley-based Activate Capital, Expon Capital, with previous investors Rubio Impact Ventures, PDENH, and Rockstart.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
