QUIXOTIC, a cloud-based energy management platform that offers comprehensive solutions to energy marketers and communities, facilitating the administration of green energy and the billing of cutting-edge products and services, has closed a seed financing round of €1.3 million.
This operation has been co-led by Demium, a Valencian venture capital company that has promoted companies such as Citibox, Holaglow, Dealcar, Ilumo Robotics or Singularu; and Bynd Venture Capital, a Portuguese venture capital fund with more than 14 years of experience focused on seed or early stage investment in technology startups. It has also been backed by Akka, an investment platform formerly known as Blast, co-founded by Pedro Buerbaum and Thomas Rebaud; as well as international business angels.
In addition, the company plans to add debt financing through ENISA, the National Innovation Company, with the aim of further boosting its growth. This additional support will allow QUIXOTIC to continue strengthening its expansion and innovation strategy in the coming months.
The startup will use these funds to continue developing its SaaS platform, with the aim of offering new fully integrated cloud solutions and contributing to the further development of the green economy. The company, founded in 2021 based on the previous experience of its founding team in technological consulting for the energy industry in Spain, has almost twenty highly qualified professionals and a portfolio of 17 clients, including brands from the Repsol group and MasOrange, (the new group that emerged from the merger of MásMóvil (includes MásMóvil Energía, Lucera, PepeEnergy etc. with the French company Orange). In the last year, QUIXOTIC has experienced a growth of 300% compared to the previous period.
Omar Sequera, co-founder and co-CEO of QUIXOTIC, said: “We are very grateful for the trust placed in our team and our platform. This milestone will allow us to continue accelerating the digitalization and democratization of the energy sector, making it easier for any marketer, regardless of its size, to compete on equal terms with large companies. We are transforming the way energy is managed and consumed, and collaborating to reduce energy poverty in our country.”
Tomás Penaguião, partner at Bynd Venture Capital, added: “We are very excited to announce our investment in QUIXOTIC. The founding team, with extensive experience in the energy sector, has developed innovative software that offers clear value to customers through cost savings, error minimization and regular updates. We believe that the company is in a privileged position to drive significant change in the digitalization of the energy sector.”
Jorge Dobón, founder of Demium Capital, said: “At Demium we are confident that the recent changes in the energy sector open up many possibilities for companies such as Quixotic, which aim to help marketing companies and energy communities adapt to an increasingly changing environment through cross-functional software.”
The energy sector is moving towards more sustainable and accessible models, with a growing focus on collective self-consumption and distributed generation. Energy communities are emerging as a key solution, allowing citizens and businesses to share surplus green energy, reduce the cost of their energy bills and generate more sustainable local economies.
QUIXOTIC’s platform removes the barriers to entry for this new generation of energy entrepreneurs, democratising access to the software tools and automations needed to operate in an agile manner and thus maximise their business models. “We rely on technology to generate thousands of shared and renewable energy economies, where every citizen can benefit from self-consumption through efficient energy communities,” said Sequera.
Read the orginal article: https://www.eu-startups.com/2024/10/madrid-based-quixotic-closes-e1-3-million-for-energy-management-platform-for-marketers/
