Gorillaa Belgian company serving the energy sector with real-time data and analytics for pricing and forecasting has raised €23 million ($25 million) in a Series B round led by US venture capital firm Headline.
Founded in 2018, Antwerp-based Gorilla works with energy providers across Europe, the US and Australia, including British Gas parent Centrica, Shell Energy and Atlanta, Georgia Gas South. Using Gorilla’s cloud-based platform, these companies can process vast amounts of energy data and pull insights on things like consumption patterns, allowing them to predict future energy needs and identify where they may need to make improvements.
Gorilla previously raised around €6 million ($6.5 million) and with this new cash, the company plans to expand further into other European markets, including Germany, which is seeing increased energy pricesand rising further in the U.S. Indeed, the new fundraiser comes as energy prices have soared markets such as Texas — electricity prices in Houston only have increased by 16% last year, with the heatwave boosting demand for air conditioners.
Throw into the mix geopolitical factors like the ever-evolving Russia-Ukraine conflict Regulationsincreasingly distributed fossil and renewable energy sources and the growing use of connected technology, and we now have fertile ground for a focus on data energy startups to flourish.
“No one knows what the energy sector will look like 10 years from now,” Gorilla co-founder and CEO Ruben Van den Bossche said in a statement. “But in the path to it, innovation is key. This investment in Gorilla will help energy retailers around the world become more flexible in their commercial offering as they push or push towards net zero.”
Headline has previously invested in big companies like Sonos, as well as emerging AI startups like Mistral, which just closed a $640 million funding round.
Other participants in the round include startup Beringea’s existing investors and Belgian private equity firm PMV.
