Amber goes global with $29m Series C round led by Gentrack
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The news: Energy retailer and technology startup Amber has closed its $29 million Series C funding round, which it says will support the scaling of its Australian business and international expansion.
The numbers: Billing and CRM system provider Gentrack was the lead investor at $12 million, Amber said in a statement. Rubio Impact Ventures, Commonwealth Bank, NRMA, Alberts, Square Peg and Main Sequence also invested. Amber was founded in 2017 and in the last six months has doubled its customer base to 30,000.
The context: The Series C raise will allow Amber to release its EV to grid automation product — which uses a car battery as a home battery — and to start licensing its technology to utilities internationally through a white labelling scheme through Gentrack’s global utility customer network.
What they said: Amber co-founder and co-CEO Dan Adams said: “Our next focus, which will be game changing for the Australian energy market, will be the technology we are developing around EV batteries to power homes and the grid”.
“We are now at the stage where we are ready to licence our technology globally. And there is no better partner for us than Gentrack. By bundling our battery and EV automation software with Gentrack’s billing and CRM system, we will be well positioned to provide the best products on the market to international utilities.”
The source: Amber media release
