South Carolina-based software company Palmetto announced today the completion of a $29 million series B financing. Palmetto provides software that that helps consumers understand their energy spend, while enabling and promoting the home-based use of clean energy solutions, such as solar.
Palmetto stated that the funds from the financing will be used for team growth, focusing on R&D, software, data science and the buildout of customer services, supporting the company’s continued geographical expansion.
Chris Kemper, Founder and CEO of Palmetto, said:
“We are honored to have support from a wide range of partners and appreciate their recognition in the importance of our mission to mitigate climate change. The proceeds from this investment will help us further grow our product lines and expand into a wider range of services with our consumers.
“We have a validated strategic roadmap that continues to withstand the test of time; we have an excellent team and, most of all, a resilient, agile culture that continually adapts to market needs. Our core mission of climate change mitigation has remained front and center in everything we do for over a decade. Today, we’re starting to see real results from that relentless dedication.”
Participating investors in the deal included a range of early stage clean-energy companies, including several focused on clean energy ventures, including Evergy Ventures, Arctern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and the Leto Family Office.
Robert Linck, Chief Investment Officer, Shell Ventures, said:
“The potential for rooftop solar and the electrification of homes in the U.S. is huge and the competitive landscape is fairly fragmented with just a few dominant players. Palmetto’s platform strategy and plans for additional products and services such as EV charging, bill management and energy retail are exciting and will allow them to offer consumers truly integrated renewable energy solutions.”
Brock Smith, Managing Director at Evergy Ventures, said:
“Palmetto’s unique business model, which utilizes an end-to-end platform for enterprise customers in addition to opening up opportunities for individuals to make a direct impact on carbon reduction through sales, positions the company well for an increasingly digital and decentralized workforce in clean energy. Palmetto is more forward-looking than the traditional publicly-traded vertically integrated solar providers. The company has exhibited a clear path to customer acquisition cost reductions that are necessary to accelerate solar deployment around the United States.”
Will Szczerbiak, Principal, Greycroft, said:
“Renewable energy is the future, and Palmetto has the best platform to bring renewable energy products and services to the market in a cost effective and scalable manner. The leadership team and the network of partners they have built is best in class, resulting in substantial growth. We are excited to continue being a part of their growth story.”