From seed to Sequence A in 7 months: Why and the way Odyssey Power Options moved shortly
Desire a sneak peek on the electrical grid of the longer term? Don’t look to the U.S., Europe or China. As an alternative, head to Nigeria, the place Odyssey Energy Solutions has been exhausting at work. There, a shaky and incomplete grid has pushed many companies and communities to put money into mini- and microgrids which can be powered by renewable vitality and able to operating independently.
Odyssey has been constructing a platform to assist builders launch, construct and handle distributed renewable vitality initiatives in rising markets like Nigeria, Kenya and Sierra Leone. These efforts helped the corporate increase a $5.3 million seed spherical final summer season.
Now, simply seven months later, Odyssey has closed a $15 million Sequence A, Information World+ has solely realized. The spherical was led by Union Sq. Ventures, with participation from Equal Ventures, Twelve Beneath, Transition, Equator, MCJ Collective, Summary Ventures, Founder Collective and Local weather Capital.
The corporate collects knowledge on every venture that flows by its platform, which it then makes use of to assist traders vet future initiatives. A few of that knowledge additionally helps builders procure gear for his or her initiatives, be it photo voltaic panels, inverters or different key provides. And on the tail finish, Odyssey has software program to manage the vitality flowing by builders’ mini- and microgrids.
When the corporate raised its seed spherical final 12 months, enterprise was good. Odyssey co-founder and CEO Emily McAteer instructed Information World+ that her firm had already constructed up a community of venture builders and had a big quantity of capital in its goal markets flowing by the platform. Its software program merchandise have been additionally serving to builders procure provides for much less and extra simply handle the mini- and microgrids that they’d constructed. On the time, elevating a Sequence A in brief order wasn’t within the playing cards.
However that modified within the months that adopted. “We had some proof factors that we wished to hit in launching these merchandise, and we form of hit them in a short time,” McAteer stated. Some key hires additionally helped them quickly perceive another ache factors that Odyssey clients often expertise. McAteer referred to this mix of crew and product as “a springboard.”