London-based Modo Energy, a software-as-a-service platform for data analytics on renewable energy assets, has raised £11.8 million in Series A funding led by MMC Ventures, with participation from existing investors. The funds will be used for expansion plans, including product enhancement and global market entry. Modo Energy, founded in 2019 by Quentin Draper-Scrimshire and Tim Overton, recently released Modo 2.0, which offers features such as long-term, bankable price forecasts, in-depth revenue comparisons, real-time market screens, and a comprehensive array of up-to-the-minute downloadable data. Draper-Scrimshire said, “This investment from MMC Ventures is a testament to their faith in our products, our team, and the limitless potential Modo Energy’s solutions offer, shaping the future of sustainable energy for the better.”
Modo Energy’s platform is used by owners and operators of approximately 90% of Britain’s grid-scale battery capacity to keep ahead of industry trends and maximise revenue for their assets. The company is expanding into the Texas and ERCOT markets, followed by the rest of the USA and Europe. MMC Ventures’ Simon Menashy said, “Modo Energy has enabled its users…to make a transformational contribution to the energy transition…We are very excited to join Modo Energy on its journey as it builds out its product lines and expands into new geographies.”
