Energy-tech startup carbonTRACK announced it closed a new $2 million round of funding. The capital will be used to scale up the organisation within Australia and expand internationally.
carbonTrack allows users to track their energy use in their homes and pinpoint their biggest areas of cost and energy consumption. The application also allows its users to turn appliances on and off via their mobile phone no matter where they are in the world, helping them manage their usage in a more productive and effective manner.
Last financial year, the company completed a $1.1 million round that was led by Wolf Capital. This has allowed the startup to grow quite rapidly within the local market, adding 15 new people to the team within the last 12 months alone. The company was also recently shortlisted to pitch in the NRMA Slingshot Jumpstart Scale-up Program.
This latest round of funding saw investors Geoff Gourley and Julio De Laffitte of Impact Investment Fund join Wolf Capital. The $2 million investment will allow the company to commercialise its patented technology, continue its rapid local expansion as well as begin to explore international opportunities in Asia. The current valuation placed on carbonTRACK after this latest round is $22.5 million.
carbonTRACK has offices in Melbourne and Johannesburg, with plans to expand its presence into Sydney, Brisbane and Perth. The startup will also participate on a trade mission to Singapore next month that will be hosted by Gemstar technologies in conjunction with AusTrade.
Gourley will also be joining carbonTRACK’s board as a Director and will be supporting the global expansion, in addition to forming strategic partnerships to help scale the local business.
“The founders were seeking to scale and expand the business and we knew we needed a capital injection as well as expertise that is complimentary to our existing board. Geoff certainly brings that to the company,” said Global CEO, Tom Jamieson.
In addition to this new role, Gourley is also the co-founder of Impact Investment Fund and is an active investor in another energy services company called NuGreen Solutions. The Impact Investment Fund invests in companies that promote a positive social or environmental outcome. It also invests in media ventures that communicate social and environmental messages, such as digital media companies that have a social focus. Examples of such companies include highly-scalable startup companies like ThankYou Group and TOMS Shoes. It is also the world’s first Impact Investing Fund to be Branded Trust Certified. Branded Trust is similar to B Corporations, however, the process for certification is a lot more rigorous in the assessment and the benchmarking.
“It is exciting to see a Melbourne-based tech startup develop a unique technology which can save businesses and home owners significant money and also reduce carbon emissions whilst preparing for a truly connected future,” said Gourley on the latest investment into carbonTRACK. “Being able to manage how and when you use power, tracking your solar generation, being ready for electric vehicles connected to battery storage and, the Internet of Things (IoT) is disruptive and available now”.
There are currently a number of startup players similar to carbonTRACK in the Australian energy space like PowerTracker and WattCost that are also experiencing healthy traction with their products and services in the local market. There is yet to be a dominant player, and given the vast addressable market for energy, it will be a while before one of these organisations becomes the industry leader.