Pittsburgh, PA, September 28, 2016– Encentiv Energy, a Pittsburgh-based, Software-as-a-Service (SaaS) company in the rapidly growing $25 billion per year energy efficiency market raised $2.44m in an investment and venture debt round led by Birchmere Ventures.
Birchmere’s reputation for investing in high growth technology companies in their early stages that can have a positive impact on a large target market is a great reflection of their confidence in the Encentivizer™ Platform and the opportunity that the company has to dramatically impact the energy efficiency industry. Birchmere lead a group of investors that included the BlueTree Venture Fund, Pittsburgh Equity Partners and Innovation Works.
“Every day there are thousands of energy efficiency vendors and contractors who need help working with customers to try and understand the complex world of rebate and financing programs. With over 3,000 programs in the U.S. that include hundreds of thousands of options, the energy efficiency industry is simply overwhelmed. Moreover, the rules are constantly changing and the application process can be onerous, causing customers to often miss out on opportunities to save 30-50% on the project. Subscribing to the Encentivizer Platform solves this big problem and helps close more deals.” Steve Moritz, President and CEO, said.
The investment capital will provide significant fuel for enhanced development of the Encentivizer Platform and to add new positions – mostly sales and marketing – to keep expanding their market across the U.S. and Canada. The company is already seeing rapid adoption of the Encentivizer Platform and with the new investment expects that to accelerate even more over the next 12-18 months.
“With rebate and financing programs being a critical element in the adoption of new energy efficiency technology, we’re seeing customers embrace the subscription model for access to our Platform. This investment will allow us to focus on the growth of that side of our business,” Moritz said.
Birchmere Ventures, headquartered in Pittsburgh & San Francisco, invests in the best early stage startups across the country.
Encentiv Energy is transforming the way people make purchasing decisions for energy efficient products. By providing tools that seamlessly integrate into the workflow of energy efficiency providers, they make accessing rebates and financing a more straightforward and painless process.