RenewaFi, the wholesale renewable energy marketplace, today announced that it has extended its previously announced investment round by raising additional capital from existing investor Floating Point and new investors Day One Ventures, Mantis, and Alumni Ventures. This supplemental investment brings RenewaFi’s total fundraising to above $5 million.
RenewaFi entered into simple agreements for future equity (SAFEs) with each of these investors. Under these agreements, the investors have been granted certain rights to RenewaFi’s future equity in exchange for their investments.
RenewaFi is the marketplace for wholesale renewable energy in ERCOT. Built for originators by originators, RenewaFi helps sophisticated market participants source offtake, 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.