Piclo has secured £4.7 million of investment in a new Series A funding round set to support the development of new solutions and growth of its team.
This funding round saw investment from Mott MacDonald Ventures and was led by the Clean Growth Fund. Mott MacDonald Ventures – which is to take a stake in the energy flexibility trading platform – is part of an investor syndicate with the Clean Growth Fund and the Green Angel Syndicate.
It is to work closely with Piclo to deliver new digital solutions to clients in the energy, transport, water and built environment sectors, with this supported through Moata Smart Energy, a suite of digital tools that optimises performance and maximises returns from renewables.
The Clean Growth Fund, meanwhile, was launched in May 2020 with cornerstone investment from the Department for Business, Energy and Industrial Strategy and CCLA. It made its first investment into Piclo in December 2020.
James Johnston, CEO and co-founder of Piclo, said that the funding will also help Piclo to continue to accelerate flexibility markets in the UK and internationally.
“Strategic partnerships are very important for facing up to the challenge of decarbonisation, so it’s fantastic to close our Series A round with a like-minded investor that is as ambitious as we are,” he added.
Piclo is currently used by four of the UK’s distribution network operators, including UK Power Networks who awarded £14 million of flexibility contracts via the Piclo platform last year.