Skystream Markets, a Stamford, Conn.-based provider of institutional transaction platforms for the renewable energy and environmental markets, raised $4m in Series A funding.
The round was led by Connecticut Innovations with participation from Advantage Capital Connecticut, the Clean Energy Venture Group and LaunchCapital. In conjunction with the financing, Daniel Rappaport, who served as chairman of the board and chief executive officer of the New York Mercantile Exchange (NYMEX) from 1993 through 2001, joined Skystream’s board of directors.
The company intends to use the funds to continue to develop and grow its core technology assets.
Founded in 2009 by Kapil Mohindra, Skystream Markets provides institutional renewable energy producers and traders with RECstream, a technology-driven transaction platform for renewable energy certificates (RECs), for trading desks across North America. In addition, the company has an active brokerage desk and capital introduction business that transacts across a number of environmental markets.
It has 17 employees across its Stamford, Conn., and New York City offices.