Edison Partners leads USD7.8m follow-on growth investment in Budderfly
Edison Partners, a growth equity firm, has co-led a USD7.8 million investment in Budderfly, a Shelton, Connecticut-based energy efficiency as a service (EEaaS) provider.
The funds will enable Budderfly to accelerate sales amid higher demand for energy savings in the Covid-19 environment. Edison Partners co-led the round with Balance Point Capital, with additional participation from Connecticut Innovations.
Budderfly provides energy savings and utility expense management services for quick service restaurants (QSRs), convenience stores, healthcare, retail, office and other enterprises that are highly focused on energy cost savings. The company’s advanced software and Internet of Things (IoT) energy measurement and control devices have earned Budderfly recognition as a Gartner Cool Vendor in IoT Solutions in 2016.
“Edison was an investor in two of CEO Al Subbloie’s prior companies, one of which returned 10X. Under Al’s leadership, Budderfly has created an energy as a service concept that remains unique and holistic. The company is delivering a winning combination of technology, people and process to drive growth, and we’re thrilled to help them continue to build leadership in the energy services market,” says Gary Golding, General Partner at Edison Partners, who serves on Budderfly’s board of directors.
Budderfly's revenue more than tripled in 2019. The company seeks to expand its national footprint, particularly with third-party installers and real estate management companies that have relationships with QSRs. Budderfly will also accelerate sales and marketing, working towards its goal of managing more than USD3 billion in customer energy spending by 2027.
“Our no investment, no risk energy efficiency model is creating better-quality experiences for our customers and saving them tangible costs on energy usage. We’re grateful to Edison Partners for their confidence and counsel as we expand our energy efficiency solutions nationally and help customers achieve tangible cost savings on their energy spend,” says Al Subbloie, CEO of Budderfly.
Edison Partners led the initial USD22 million financing in June 2017 and the company raised an additional USD55 million in June 2019, bringing the total funding to date to USD84.5 million.
In all, Edison Partners has financed and guided more than 235 private companies since 1986. Edison’s current enterprise solutions portfolio includes Anonos, All Traffic Solutions, Blue Medora, Bodhala, Bricata, Emplify, ExecVision, Giant Oak, Jornaya, Lawnstarter, Northpass, Overhaul, PathFactory, Predata, Superpedestrian, Suuchi, TripleLift and Terminus. Notable exits in the sector include Archive Systems, Billtrust, eSentire, ItemMaster, InSoft, Kemp, Logfire, Notable Solutions, Operative, Tangoe, Telarix, Virtual Edge, VFA and Zagster.