Blockchain
UrbanChain announced today that it has raised a £5.25 million Series A round, led by top global investment firm Eurazeo through its expertise in climate and smart cities.
It does this every half hour, using a system powered by an integrated blockchain and AI, and it continues to disrupt the industry by slashing invoice prices for both commercial and retail customers. The P2P exchange offered by the company makes it possible for anyone to buy truly affordable green energy while furthering the goal of reaching net zero.
Following the completion of Series A, UrbanChain will begin expanding into new foreign markets, starting with Ireland. The company will also improve its technical infrastructure and increase its workforce from 10 to 21 employees by December 2023.
With 150 GWh (gigawatt hours) of electricity under management and approximately 1.2 TWh (terawatt hours) in the pipeline, UrbanChain’s revenue is expected to exceed £22 million over the next 12 months.
Dr. Somayeh Taheri, CEO of UrbanChain, stated, “We are excited to conclude this Series A led by Eurazeo, which will strengthen our technical infrastructure in response to the scale of exponential growth we are experiencing.”
“Through its P2P markets, the company supports the development of renewable energy where it is consumed, mitigating drastic impacts on the electricity grid and bringing benefits to local communities,” said Pierre Devillard, Managing Director of Eurazeo’s Venture Smart City- team. What they achieve certainly represents the future of the electricity markets!”
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