Plentify, the Cape Town-based smart energy technology company, has concluded an oversubscribed series A funding round that brings its total capital raised to nearly R260m since inception.
The funds will be used for product development and ongoing international expansion.
The capital raise marks a major milestone in the company’s journey “from rapid early-stage growth to global expansion, reinforcing investor confidence in its team, technology, and strategy at a time when venture capital funding in the climate tech sector remains highly competitive”, it said.
The company did not disclose the specific amount raised in the latest round, only saying it has raised close to $15m (R258m) to date.
The round was led by Secha Capital, Buffet Investments and a South African family office, with participation from existing investors E3 Capital and Fireball Capital.
Plentify also received new financial backing from Endeavor SA’s Harvest Fund and Satgana.
Plentify is a smart-energy company operating in South Africa and the US that specialises in using data to improve power savings and efficiencies for homeowners. By connecting everyday appliances such as water heaters, batteries and solar inverters, Plentify’s technology enables them to draw power when it’s cheapest and cleanest.
“This round reflects both the confidence of our long-term supporters and the belief of new partners who share our vision,” said Jon Kornik, CEO and co-founder of Plentify.
“It’s validation that what we’ve built in South Africa has global relevance and that our approach to intelligent energy management is resonating with investors around the world.”
Kornik previously led Google’s energy business in Africa.
He said investor confidence in his company is based on three main factors: traction, team and strategy.
“We’ve come off phenomenal growth and built an incredible team, including professionals who have led at Google, JPMorgan, Tesla Energy, IBM Research, Discovery Vitality and Nasa, and proven they can deliver real impact together.”
Plentify is known for having developed a device called HotBot, which can be attached to solar or geyser systems, helping to monitor energy consumption and use. The company has partnered with other energy players, including Herholdt’s Group and Wetility Energy, to distribute the product.
In addition to Wetility, Plentify’s home-energy management system is being deployed by Balwin Properties to improve its solar yield and deliver cheaper power to residents.
Conlog, SA’s largest metering company, uses Plentify’s load-management system to help municipalities cut costs and improve their service delivery.
Plentify sees an opportunity to use lessons from rolling blackouts and related experiences of operating in SA to grow its business internationally. Co-founder and chief growth officer Kailas Nair said SA was the ideal testing ground for scalable, subsidy-free innovation.
“Chronic load-shedding and rising electricity tariffs created a rooftop-solar boom among middle-income households, at penetration levels similar to advanced markets, but without subsidies or feed-in tariffs. That forced us to make load management work from day one.”
“Now, as other markets reduce or remove solar subsidies, we have the technology and know-how to help them do the same.”
The company is preparing pilot projects in the UK, Australia and Brazil.
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