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 round was led by OCA Ventures, Hyde Park Angels, New World Ventures and I2A, with participation from private investors.
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.
FinSMEs
05/12/2011