Open Energy Market lands £3m for its online trading platform
Summary
Chris Maclean, also the chief executive, said: “The market was crying out for innovation that could help large businesses better manage the confusing, convoluted and inefficient processes associated with energy procurement. “This is an exciting time for OEM as this partnership with Calculus will enable us to push our platform out to a wider audience and implement further innovative tools that will continue to re-shape the industry.” The business claims to work with all major providers and says it will use the newly secured funds to hire and implement significant platform developments, including extensions into other commodities and expansion into the US. Alexandra Lindsay, investment director of Calculus Capital, added: “What the team at Open Energy Market have done is to streamline the broker process, because all the major suppliers are there on a single platform bidding for a company’s business. “Our investment will help them strengthen their sales and software teams, expand their platform to cover additional utility services and make a move into the US market. “We believe this is an exciting phase in the development of a company with strong growth potential.” Check out our UK tech investment tracker for the latest industry deals.
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