Power2Switch, a Chicago-based startup that provides a service designed to help residents and businesses reduce energy costs by switching electricity providers, has raised $1.3m in funding.
The company intends to use the funds to hire additional employees, accelerate sales and marketing, and expand the business into other deregulated states.
Co-founded by CEO Seyi Fabode and and Phil Nevels, Power2Switch provides customers with a free of charge online comparison service of competitive rates and an automated switching process to new electricity suppliers.
The company also delivers greater awareness of energy deregulation, creates a competitive landscape for suppliers, and promotes the use of renewable energy.
In conjunction with the funding, Michael Polsky (Invenergy) and David Zyer (OCA Ventures), have joined Power2Switch’s board of directors.