Grok Ventures backs Brighte in $100 million raise

Green energy finance provider Brighte has raised $100 million to move into energy retailing.

The $100 million round was led by Grok Ventures, the family investment company run by billionaire Annie Cannon-Brookes and her husband Mike.

Founder & CEO Katherine McConnell said the fund will be used in three key areas: acquiring more solar households, building the brand and creating new energy payment models.  

The fintech has provided more than $600 million finance for green energy since its launch in 2016. 

“From day one we have had a deliberate and clear strategy of focusing on the industry verticals we know best – residential solar, batteries and home improvements,” McConnell said  

“In the future Australian households will change the way they consume energy with a greater focus on owning  esidential generation and storage assets. 

“In 2021 Brighte will launch a new gen-tailing model where our customers own the energy assets and pay Brighte  back over time, Brighte will be their energy retailer and also help our customers realise revenue from their solar  and batteries. It will be the simplest way for a solar household to pay for energy. 

“This allows us to help our customers in three ways – access to the most affordable energy solutions, maximise  their energy revenue and cover the gap between their energy generation and consumption.”

Alongside Grok Ventures, the $100 million round was entirely taken by existing shareholders including Singapore venture capital firm Qualgro, Airtree Ventures  and Kim Jackson and Scott Farquhar’s Skip Capital.

Brighte has now raised $145 million in equity funding, alongside debt totalling $500 million.