Sealed Raises $16M in Series B Funding
Summary
Greg Smithies, partner at Fifth Wall, who leads the firm’s Climate Technology Investment team, joined Sealed as a board member. The service matches the right contractor, covers the upfront costs, and gets paid if a house saves energy. Performance-based financing is built on Sealed’s patent-pending machine learning algorithm that uses real usage and consumption data to predict energy use and savings. The company intends to use the funds to accelerate nationwide expansion efforts, starting with launches in New Jersey and Connecticut — the first locations where Sealed will be available outside of New York State. Over the next year, Sealed will launch in additional markets, focusing on areas of the country where older homes and extreme weather patterns are more prevalent.