Re-Seeded: Tidal backs renewables startup Orkestra again in new $2 million raise

Renewable energy deployment platform Orkestra has raised a second Seed round in less than 12 months, this time banking $2 million, with local VC Tidal Ventures once again leading the round.

Orkestra previously raised $1.1 million in November last year in a round led by Tidal. While the VC called it a Seed round in 2022, a spokesperson for Tidal says “that round was unmistakably their pre-seed round”.

Also backing the latest raise were Rampersand, Impact Ventures, Luxem, and climate tech investors Phil Blythe, Danin Kahn, Oliver Hartley, and Andrew Rogers. 

During 2022’s “pre-Seed”, the Melbourne-based SaaS platform for renewable energy project feasibility assessment that launched in 2020, said it had more than 30 customers, including Origin Energy and Energy Australia. Since January, the business has seen revenue grow 225% and it now works with companies ranging from small solar enterprises to the largest energy retailers in Australia, New Zealand, and Japan.

Cofounder and co-CEO James Allston said they’ll now look to a Series A, with the new cash for further global expansion, new product features and growth plans.

“With the successful completion of our Seed round, we’re ready to expand into global markets and unveil our exciting new product, currently in stealth mode,” ,”he said.

“As we progress towards our Series A funding, our primary emphasis will be on optimising our software’s capabilities to streamline and expedite our customers’ processes

Advisor and investor Phil Blythe said the software helps cut project costs and accelerate renewable energy deployment.

“Orkestra is carving out a new category of high-performance tools that makes developing commercial-scale renewable energy projects more accessible for energy providers and solar installers while also identifying more profitable projects for businesses that incorporate batteries, virtual power plants, project finance, and innovation in business models,” he said.

“The team has a relentless focus on enabling new energy technology and services providers to work smarter and faster and are now expanding their operations overseas.”