gorillaThe technology company that enables energy retailers to collect and process vast amounts of critical data has raised €23 million in Series B funding.
The round was led by global venture capital firm Headline and was supported by existing investors Beringea and Flemish investment firm PMV, and Gorilla plans to use the funds to further expand into the US and German markets.
Gorilla's solutions help utilities understand their energy portfolios, which are increasingly influenced by distributed energy resources such as solar panels, wind turbines and battery storage, ensure operational stability and offer customized pricing strategies based on individual usage patterns.
Gorilla's cloud-based data processing platform enables energy companies to significantly improve efficiency and performance compared to current on-premise solutions and over-reliance on spreadsheets.
The company's clients include well-known energy retailers across the UK, Germany, US and Australia, including Centrica Business Solutions (formerly British Gas), ScottishPower, Shell Energy, Gas South, SouthStar, Synergy, Drax and ENGIE.
“No one knows what the energy industry will look like in 10 years' time, but on the journey there, innovation will be key. This investment in Gorilla will help energy retailers around the world be more agile in their delivery of commercial services as they drive, and are driven, towards net zero,” said Ruben van den Bossche, co-founder and CEO of Gorilla.
“The funding will support our expansion into key markets such as the United States and Germany, where the energy landscape is rapidly evolving and demand for data-driven solutions is growing. Take Texas as an example: electricity prices in Houston have increased by approximately 16% over the past year, with Texans paying double the price for electricity compared to pre-pandemic prices. Despite low costs for natural gas, which powers much of the power grid, prices remain volatile in 2022 and beyond, and consumers continue to experience price volatility in their residential supply.”
“The shift to renewable energy sources, with intermittent, weather-dependent generation, increases grid volatility. The timing of energy consumption is crucial. Gorilla is helping energy providers navigate this complexity. They're providing the missing piece needed to better synchronize supply and demand. With Europe at the forefront of renewable energy generation, Headline believes the world's leading software solutions for the energy market will come out of the region. Gorilla is a great example of this,” said Jonathan Becker, general partner at Headline.
Piotr Bukanski, Investment Manager at Beringea, commented: “Gorilla is perfectly positioned to address energy retailers' growing pain points, directly supporting them in the energy transition and quickly becoming the industry standard. The growth the team has delivered since Beringea's first investment has been exceptional, so we are pleased to participate in this round and strengthen our support for the company in its next stage of growth.”
