Stockholm-based Fever, a powertech company building an API-centric platform for virtual power plants, announced on Thursday that it has raised €10M in a seed round of funding led by General Catalyst.
Existing investors, including La Famiglia and Norrsken VC, participated in the funding round. With this funding, Fever has raised a total funding of €11.6M to date.
The recent capital injection will accelerate the Swedish company’s expansion plans, deepen product development, and expand collaborations across Europe.
“We’re thrilled that General Catalyst joins us on our mission to both accelerate the transition to a world powered by clean energy and to ensure that the European power grid remains secure and resilient,” says Klas Johansson, Founder and CEO of Fever.
As a part of the funding round, Niek den Hollander, former Chief Commercial Officer at Uniper and former Senior Vice President and Head of Vattenfall’s Business Area Markets, and Holger Lichtschläger, Managing Director and Founder of Global Experts-Energy Consulting with prior executive positions at E.ON and Uniper, will be joining Fever’s Board of Directors.
The increasing use of renewable energy sources and the shift towards electrification is causing a strain on traditional energy grids due to the variability in energy generation and consumption.
Although solar and wind energy are crucial for achieving global emissions targets, it is essential to have sophisticated software orchestration and optimisation to ensure the grid’s durability and resilience.
Here’s where Swedish firm Fever, founded by Klas Johansson, Ron Stolero, Ruben Flam, and Jonatan Raber, comes into play.
Fever: Enhances grid resilience
Fever‘s platform enhances grid resilience by integrating distributed energy assets with advanced software and machine learning capabilities.
This comprehensive platform predicts, adapts, and optimises energy distribution with unprecedented precision, making the grid highly flexible and reducing reliance on foreign gas, all while also improving energy efficiency.
Fever offers an API-centric innovative platform that empowers energy asset installers and operators, such as leading utility companies, EV fleets, and Battery Energy Storage Operators.
The platform enables them to run and monetise their virtual power plants by unlocking the full potential of market participation, capacity modeling, orchestration, reporting, and settlements.
The investor
General Catalyst is a venture capital firm that supports founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build
companies that withstand the test of time.
With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker.
“We see Fever as a key player transforming the global energy markets. The deep technical knowledge of the founding team, complemented by Niek and Holger’s leadership at some of the most consequential energy companies in Europe, reflects our belief in the power of radical collaboration,” says Genevieve Kinney, partner at General Catalyst.
“Our dedication to a clean energy future is fundamental to General Catalyst’s Global Resilience thesis, and we’re thrilled about our partnership with Fever to democratise the European energy market,” adds Kinney
Norrsken VC is Europe’s early-stage fund that backs startups solving the world’s biggest problems while building massive businesses. It has 50+ portfolio companies, including “impact unicorns” – Einride, Northvolt, and 1KOMMA5°.
Fabian Erici of Norrsken VC states: “From day one, the Fever team has impressed us with their clear impact-focus and swift product delivery—a true reflection of the urgency required to transform the power grid. This new fundraiser is a clear testament to the team’s work and the strong momentum surrounding them. We’re excited to be along for the ride!”
Read the orginal article: https://siliconcanals.com/news/startups/swedish-startup-fever-raises-10m/
