FlexiDAO secures funding from SET Ventures and relocates to Amsterdam
The energy and blockchain startup raises a seven-digit seed round and opens its HQ in Amsterdam
AMSTERDAM, THE NETHERLANDS – September 10, 2019 – FlexiDAO successfully secured a seven-digit seed round led by their new investor SET Ventures. Existing investor KIC InnoEnergy also participated in the round. With this investment the company aims to accelerate international growth of its blockchain-based energy provenance service and to develop new use cases leveraging on the existing middleware platform.
Since its foundation in 2017, FlexiDAO has positioned itself rapidly as one of the commercially leading European blockchain startups in the energy space. The company has shown the viability of moving from proof of concepts to commercial rollouts and is now present in seven countries.
FlexiDAO has already partnered with six leading utilities – such as Iberdrola and Acciona – allowing them to offer a corporate social responsibility service to C&I customers. Customers can select preferred local renewable energy plants and track the matching of this green energy with their own consumption on an hourly basis. FlexiDAO’s provenance tool is tracking more than 4GWh of energy, applied to PPAs, green tariffs, onsite generation or electric vehicles.
Beyond energy traceability, FlexiDAO offers a middleware gateway that can enable a scalable and secure interaction with any blockchain infrastructure for other applications.
“Renewable energy tracking is the first use case that demonstrates the commercial value of blockchain in the energy sector today”, said Simone Accornero, CEO and co-founder at FlexiDAO. “However, FlexiDAO’s mission reaches beyond this initial step: we want to effectively coordinate millions of distributed energy resources on the grid and accelerate the energy transition. We are excited to partner with SET Ventures to leap jump towards that goal”.
Award-winning venture capital firm SET Ventures has been closely following the evolution of blockchain in the energy sector over the past years as it believes that blockchain technology may be the key to a truly decentralised clean energy system. “FlexiDAO is already a leader in the rapidly emerging energy blockchain space, being one of the first players that is rolling out a blockchain-enabled application at scale”, says Julia Padberg, Investment Manager at SET Ventures. “We are very proud to join and support this excellent young team on their growth journey”. Padberg also joined the Supervisory Board of FlexiDAO on behalf of SET Ventures.
Born in Barcelona, Spain, FlexiDAO moved its headquarters to Amsterdam to be present in one of the leading European cleantech and blockchain cities. The company also maintains a presence in Barcelona.
FlexiDAO is a software provider in the energy sector founded in 2017 by energy engineers Simone Accornero (IT) and Grzegorz Bytniweski (PL) and by economist Joan Collell (ES). The three founders bring diverse experience from companies like Google, Bain & Company and Everis. FlexiDAO was created to accelerate the transition towards a decarbonised and decentralised energy industry, leveraging on blockchain applications. Its mission is to effectively coordinate millions of distributed energy resources on the grid. FlexiDAO offers utilities white-label blockchain applications on top of a middleware platform that can access any blockchain infrastructure in an enterprise-grade, secure way. The company is supported by accelerators KIC InnoEnergy and Rockstart and is an affiliate member of the Energy Web Foundation. For more information please visit www.flexidao.com.
ABOUT SET VENTURES
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy system. SET Ventures focuses broadly on innovative energy generation, energy distribution & storage and energy efficiency. SET Fund III provides early growth-stage capital to ventures that shape the energy system transition through smart software and services-based business models. For more information please visit www.setventures.com.