FirstFuel Software, a Lexington, MA-based customer intelligence platform for energy providers, closed a $23m Series C financing.
The round was led by Next World Capital with participation from new investor Electranova Capital and existing investors Battery Ventures, Rockport Capital, Nth Power and E.ON SE. In conjunction with the funding, Tom Rikert, partner at Next World Capital, will join FirstFuel’s Board of Directors.
The company, which has raised $45m since its founding in 2010, intends to use the funds to increase sales and marketing, further its presence in Europe and expand investment in SaaS platform capabilities.
Led by Swapnil Shah, CEO, FirstFuel provides a SaaS-based customer intelligence platform for energy providers to accelerate customer acquisition, optimize energy efficiency and DSM programs. The solution includes FirstEngage and FirstAdvisor (formerly the FirstAudit suite), which applies analytics to meter and business data, enabling energy providers to deliver individual insights to all their business customers. It is used by large utilities, energy service providers and government customers across North America and Europe.