Princeton-based Edison Partners on Wednesday said it is co-leading a $7.8 million investment in Budderfly, a Shelton, Conn.-based energy efficiency as a service (EEaaS) provider.
The funds will enable Budderfly, which provides energy savings and utility expense management services for quick service restaurants (QSRs), convenience stores, health care, retail, office and other enterprises, to accelerate sales amid higher demand for energy savings in the COVID-19 environment.
Edison Partners co-led the round with Balance Point Capital and additional participation from Connecticut Innovations.
The funding will support sales and distribution expansion to meet the increasing demand for Budderfly‘s unique solutions that improve customer operating margins, provide energy capital and enable customers to control costs.
Budderfly plans to accelerate sales and marketing, working toward its goal of managing more than $3 billion in customer energy spending by 2027.
“Edison was an investor in two of CEO Al Subbloie’s prior companies, one of which returned 10 times. Under Al’s leadership, Budderfly has created an energy as a service concept that remains unique and holistic. The company is delivering a winning combination of technology, people and process to drive growth, and we’re thrilled to help them continue to build leadership in the energy services market,” said Gary Golding, general partner at Edison Partners, who serves on Budderfly’s board of directors.
According to a press release, Edison Partners has financed and guided more than 235 private companies since 1986. Its current enterprise solutions portfolio includes Anonos, All Traffic Solutions, Blue Medora, Bodhala, Bricata, Emplify, ExecVision, Giant Oak, Jornaya, Lawnstarter, Northpass, Overhaul, PathFactory, Predata, Superpedestrian, Suuchi, TripleLift and Terminus.
Notable exits in the sector include Archive Systems, Billtrust, eSentire, ItemMaster, InSoft, Kemp, Logfire, Notable Solutions, Operative, Tangoe, Telarix, Virtual Edge, VFA and Zagster.
