17 January 2020:
Leap has raised $8.3 million in series A round of funding. The funding round was led by Union Square Ventures. The new funding is a combination of equity and debt.
Silicon Valley Bank funded the debt portion of the funding.
Congruent Ventures, National Grid Partners, Powerhouse Ventures, Elemental Excelerator, and FJ Labs also participated in the funding round.
The company will use the fresh capital to enhance and expand operations in new markets and industries, and help grow the team in the United States and the Netherlands.
Nick Grossman, Partner at Union Square Ventures, said, “The world needs more devices and applications that manage energy intelligently, and those devices and apps need Leap’s API to interface with energy markets. USV has a long history of investing in online networks, marketplaces, and API platforms, and we believe there is a massive need and opportunity to bring these approaches to bear in the energy sector. We are proud to partner with Leap to bring programmability and flexibility to the grid.”
Thomas Folker, co-founder and CEO, Leap, said, “We’re thrilled to have Union Square as the lead investor in our new round. USV is one of the most highly regarded early-stage investors in tech, with an impressive track record of identifying how networks and marketplaces can disrupt entire industries.”
Thomas Folker, added, “The electrical grid is undergoing a massive transformation to a grid run on renewable energy. USV’s confidence in Leap speaks volumes to how our marketplace can accelerate this transformation by bringing untapped flexible demand from many thousands of end-customers to help balance the grid.”
(Source – Leap)