RenewaFi, the wholesale renewable energy marketplace, today announced that it has completed a $3 million fundraising round with participation from First Round Capital, Floating Point, BoxGroup, and Powerhouse Ventures. Kiran Bhatraju, the CEO of Arcadia, also participated in the round. The company will use the funds to further enhance its technology, expand its team, and accelerate its go-to-market strategy.
Noam Yaffe, Founder and CEO, said: “Originators' jobs have never been more complex, yet the tools available to them have stayed the same for years. RenewaFi’s marketplace will help originators cut through the noise, saving them time and money and bringing more clean power plants online faster. We are excited to partner with our new investors as we introduce our transformative technology.”
Noam founded RenewaFi after working for a leading renewable energy developer, where he realized that the traditional way of buying and selling renewable energy is not only heavily inefficient and expensive, but also incompatible with rapid decarbonization at scale. Using his prior experience as a technology investment banker, he developed a digital marketplace to make renewable energy prospecting simple and transparent.
Hayley Barna, Partner, First Round Capital, said: “There is massive potential to streamline the renewable energy prospecting process with technology. RenewaFi’s network is already helping nearly 50 energy players source and evaluate potential transactions, and we believe the company’s technology will ultimately prove indispensable to the energy market.”
RenewaFi is the marketplace for wholesale renewable energy in ERCOT. Built for originators by originators, RenewaFi helps sophisticated market participants source offtake agreements, so they can focus on closing deals. Originators on RenewaFi can browse, post, and counter indicative bids and offers – all anonymously. And when originators agree on terms, they can match to reveal their identities. RenewaFi increases speed to market, facilitates price discovery, and expedites counterparty matching. Ultimately, the company’s mission is to help renewable energy professionals decarbonize America’s electric grids.