Budderfly, a Shelton-headquartered provider of outsourced energy efficiency services, has received $7.8 million in equity funding that will be used to expand its sales and distribution outreach.
The funding round was by Balance Point Capital and Edison Partners, with additional participation from Connecticut Innovations. The company said the funding will help to triple its current North American footprint of 2,000 customers and help in the implementation of the Budderfly Energy Cloud, a patented solution designed to combine the management and oversight of all aspects of a customer’s energy systems.
“Budderfly’s rapid growth is a testament to the real value we deliver combined with the mainstreaming of energy efficiency outsourcing,” said Al Subbloie, Budderfly’s president and CEO. “This additional capital will enable us to continue to rapidly respond to the growing energy upgrade and cost-management needs of our customers across many industries.”
Subbloie added that he expected Budderfly to end 2020 with $30 million in recurring annualized revenue.
The new funding follows a $55 million infusion in a growth equity and debt funding round from April 2019 that was led by Balance Point Capital, with participation from Connecticut Innovations. That was preceded by a $22 million funding round that included Edison Partners and the Connecticut Department of Economic and Community Development.
