Grid Edge funding news – Birmingham-based Grid Edge Secures Over £2.8M in Funding

The funding was led by Mercia Ventures, using money from the Midlands Engine Investment Fund II and its own EIS funds.

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Mercia Ventures is a venture capital firm that invests up to £10M in startups across various sectors, especially in software, consumer products, healthcare, and deep tech.

Rafael Joseph of Mercia Ventures adds, “Against a backdrop of rising energy prices, Grid Edge helps customers cut costs while achieving their sustainability targets. With future tariff changes set to introduce price fluctuations throughout the day, demand for Grid Edge’s platform will only grow. Tightening carbon reporting requirements will drive further adoption. The business has been building strong momentum, and this funding will empower the team to accelerate growth and scale to the next level.”

Other backers like Centrica, BP Ventures, and private investors also joined the round. The funding, pending approval under the National Security and Investment Act (NSIA), will help Grid Edge bring in more customers and improve its platform.

The company also plans to grow its team by hiring 15 new people in sales, support, and tech roles. Over the past year, Grid Edge grew its annual recurring revenue by 150% and aims to nearly triple it again in the next two years. It also plans to expand from 120 to 400 building locations during that time.

Paul McCorquodale, CEO, says, “Our mission is to simplify the complex world of energy and building management systems, empowering building operators to reduce carbon emissions and save money. Our focus on tangible results has led to a huge increase in demand from businesses to join the Grid Edge community. This funding will enable us to welcome more businesses on board, accelerating our growth and extending our reach and impact.”

About Grid Edge

Grid Edge was started in 2016 by energy experts Jim Scott, Dan Wright, and Tom Anderson, who met at Aston University. Later, Richard Moore (ex-Deloitte) and Paul McCorquodale (ex-EE and Amber Energy) joined the team.

The platform uses data from meters, sensors, and building systems, along with outside info like energy prices and weather.