$6 million boost for Simple Energy makes saving energy even simpler

by Adrian D. Garcia
January 29, 2014

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Boulder-based Simple Energy has already helped millions of people become more aware of their carbon footprint, and on Tuesday the company announced it will be able to reach even more thanks to new funding.

Simple Energy raised $6 million during a Series B round led by The Westly Group. The investment group’s founder Steve Westly will also be joining the company’s board of directors, according to a news release.

"We have already achieved major results from energy saving programs with utilities all over North America," said Simple Energy’s CEO and co-founder Yoav Lurie in the release. "This round of funding and the addition of Steve Westly to our board will fuel Simple Energy's development of new products due out in 2014, expand our national reach and further refine our micro-targeted messaging to customers to motivate them to save energy."

Since Lurie and Justin Segall co-founded the the company in 2010, Simple Energy has garnered international attention for its green-conscious business model. It is also a certified B Corp because it meets rigorous standards of social and environmental performance, accountability and transparency.

Originally Lurie and Segall planned to sell “cheap, wi-fi enabled thermostats” so people could control their energy use from their mobile devices.

“What we found is that wasn’t what utilities needed,” Segall said. “Even when they had more expensives ones they’d be giving away for free, they couldn’t get people to take them or use them the way they needed to.”

The co-founders realized that the real problem was people weren’t taking action around their energy use. That shifted Simple Energy’s business model to providing platforms and messaging to energy companies to then rebrand and offer to their customers.

“We work with about half a dozen utilities across North America today and a number more will be here soon,” Segall said. Simple Energy is planned to at least double that number during 2014, he said.

Simple Energy’s exponential growth, accelerated by $2 million raised last year, has created about 30 jobs in Colorado and another 16 positions are currently open, Segall said. Being located in Boulder brings in highly talented staff who care about the company’s mission, Segall said.

“We believe that great software can help change the word,” Segall said. “What we’re doing is using a compelling software experience to help people change energy, which is important for creating a more sustainable future.”


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