David Energy Secures $20.5 Mn Series A Financing

David Energy, a software-enabled retail electricity provider, announced the closing of a $20.5 million Series A round of funding, co-led by Keyframe Capital and Union Square Ventures’ designated climate fund.

Keyframe Capital’s Ben Birnbaum will join the board and USV’s Rebecca Kaden will join as an observer. Additional investors in the round included existing seed investors Equal Ventures, Box Group, and MCJ Collective, alongside new investors Toba Capital, Turntide, James Dice, and others.

“When we decided to raise a Series A, our goal was to bring together both technology and energy experts,” said James McGinniss, Co-Founder and CEO of David Energy. “That’s exactly what Keyframe and USV bring to the table. They are incredible partners who deeply believe in our vision and will help us scale an organization that's word-class at building software and transacting in electricity markets alike.”

David Energy’s technology analyzes and controls customer demand in real-time by integrating with customers’ energy devices (e.g. smart thermostats, EV chargers, backup generators, battery, and solar systems).

Leveraging these distributed energy resources directly into electricity markets, David Energy buys and delivers power to customers more efficiently than incumbent providers.

Their software-driven approach introduces transparency and modernity into a traditionally opaque, commoditized industry, and defies legacy approaches by aligning its incentives with its customers through sharing in the savings the platform generates.

David Energy’s integrations with customer devices allow them to reduce costs and avoid power outages while reducing the need for dirty, fossil-fuel powered peaker plants on the grid.

This capability is increasingly important as energy prices rise, volatility in energy markets grows, and distributed energy resources proliferate as the grid decentralizes.

David Energy is well-positioned to capitalize on these shifts in the macro environment while helping customers overcome these challenges.