PRINCETON, N.J, JUNE 25, 2019 – Edison Partners, the growth equity investment firm, today announced that portfolio company Budderfly, the Shelton, Conn.-based provider of energy efficiency as a service, closed a $77 million financing as it continues to transform the energy management sector.
Budderfly’s most recent funding, announced today, includes $55 million in new growth equity and debt financing from alternative investment manager Balance Point Capital, with participation by Connecticut Innovations. Edison Partners led the company’s prior round.
“With this capital, Budderfly is strongly positioned to scale its solutions and accelerate growth. We’re thrilled to be working with Al Subbloie as he leads another Edison portfolio company,” noted Chris Sugden Managing Partner of Edison Partners. “Budderfly has emerged as a leader in the energy efficiency-as-a-service market; this management team is truly committed to transforming the high-growth energy efficiency market,” said Gary Golding, General Partner at Edison Partners who serves on the company’s board of directors.
Budderfly provides energy management services for quick-service restaurants, healthcare, retail, office and other enterprises that are highly focused on energy spend management. The company’s advanced software and Internet of Things (IoT) energy measurement and control devices provide immediate and progressive savings at no cost to its customers.
“Having both capital and domain expertise from the Edison team and their Edison Edge operating platform has been instrumental to fulfilling our growth strategy. We now look to scale our technology, go-to-market capabilities and products across industries and support larger customer installations—with the goal of managing over $3 billion in customer energy spending over the next ten years,” said Al Subbloie, founder and CEO of Budderfly.
Edison’s current enterprise solutions portfolio includes All Traffic Solutions, Blue Medora, Bricata, Budderfly, Emplify, ExecVision, GAN Integrity, Giant Oak, Jornaya, Northpass, NS8, PathFactory, Terminus, Sigstr, Suuchi and Zagster. Notable exits in the sector include Archive Systems, Billtrust, eSentire, InSoft, ItemMaster, Logfire, NetProspex, Notable Solutions, Operative, Salsa Labs, Tangoe, Telarix, VirtualEdge, Uptivity, and VFA.
Budderfly is disrupting the energy industry by leading the digital transformation of energy consumption conservation through its unique Energy Efficiency as a Service model. With no cost to its clients, Budderfly implements proprietary energy intelligence software, energy efficiency upgrades - such as LED lights, HVAC controls, variable frequency drives and refrigeration controls - that span more than 30 savings categories. Budderfly creates networks of patented IoT devices that meter and report on all elements of energy use. Together these optimize energy usage at the point of consumption within each facility across the enterprise. Budderfly’s ongoing services and proactive maintenance ensure that a building’s energy infrastructure never becomes outdated. The result is significant, immediate and progressive energy expense savings, upgraded facilities, and a reduced carbon footprint for its client facilities. For more information, visit www.budderfly.com or follow us on Twitter @BudderflyInc.
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.