Faraday, a Middlebury, Vermont-based cloud software provider for customer acquisition in the home improvement industry, closed an $880k Series A financing.
The round was led by FreshTracks Capital, with participation from renewable energy services provider 3Degrees, seed-stage venture investor LaunchCapital, environmental opportunities focused investor ARB, and individual investors including several cleantech executives. In conjunction with the funding, Cairn Cross, Managing Director of FreshTracks Capital, and Richard Graves, Co-Founder and VP of Corporate & Business Development at Ethical Electric, joined the company’s board of directors.
The company intends to use the funds to build out its team and launch the new release of its platform.
Led by Andy Rossmeissl, CEO, Faraday provides a software-as-a-service (SaaS) application that aims to improve users’ customer acquisition metrics by revealing the best strategies for winning new business. The application helps users generate targeting hypotheses, facilitates multi-channel outreach through a network of vendors, and tracks results to highlight the best-performing approaches. It also included a predictive analytics engine that identifies customers most likely to convert.
In 2013, the company worked with seven clients coming from the residential solar and energy efficiency industries in five states, analyzing over 800,000 households.