Marriott Harrison is delighted to have represented the lead investor consortium comprising Balderton Capital, Lakestar, Accel and Creandum in Tesseract Technologies’ $78 million Series A fundraise.
The round also saw participation from Lowercarbon, Ribbit and BoxGroup, along with a number of strategic angels.
Founded by Revolut’s third employee and CRO, Alan Chang and Revolut’s former strategy lead, Charles Orr, Tesseract is on a mission to decentralise the right to power by delivering clean, cheap electricity to consumers and help solve climate change. The Tesseract team are confident they can upend the energy industry in the same way they disrupted the banking industry at Revolut.
As a vertically-integrated business, the company cuts out the middlemen of the energy market by owning renewable generator assets and selling directly to consumers, delivering significantly cheaper bills. Instead of needing to install expensive solar panels, customers will be able to buy a ‘virtual’ solar panel or wind turbine on the app which could cut their bill by as much as 100% and allow them to capitalise on selling the excess energy. By using co-located grid-scale batteries, Tesseract will also be able to effectively manage energy flexibility, creating a more commercially attractive model than competitors.
The funding will allow Tesseract to buy and build selected renewable energy assets and support the development of the Tesseract platform.