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TechStars’ Simple Energy Closes $900,000 Seed Funding
Social Game Saves Energy as Utility Customers Compete for Prizes
BOULDER, Colo. – (September 6, 2011) – Recent TechStars Boulder graduate Simple Energy today closed on its oversubscribed seed round with $900,000 to build out its energy-saving social game platform. The early-stage investment will be used to expand Simple Energy’s programming team and to further develop the product with enhanced features and utility application integration.
Simple Energy helps utility companies engage and encourage customers in energy savings through an interactive social game platform where participants compete with their friends and neighbors for prizes such as gift cards, iPads, and even hybrid and electric cars.
As utilities across the country scramble to meet increasing energy efficiency and compliance requirements, Simple Energy solves the industry’s endemic challenge of getting customers involved in demand management programs while maintaining their interest over the long term.
Most recently, the company launched a pilot social energy-saver contest in Southern California.
“We’re delivering what we believe can become the industry-standard, sustainable solution for utilities to engage and encourage customers to save energy,” said Yoav Lurie, founder and CEO of Simple Energy. “Simple Energy is changing how people save energy by making it social, fun, and simple. And, we’re chaning how utilities engage their customers by leveraging the tools of the modern, social web. We build on our experience in the energy industry and leading behavioral science to engage customers and get the results regulators demand.”
The round includes angel investors with deep backgrounds in the energy industry and consumer and social web.
“I’ve seen first hand the need for utilities to successfully engage their customers in saving energy,” said David Calone, Managing Director of Jove Equity Partners, “and that is why we’re so excited to be a part of helping Simple Energy deliver its engaging solutions to utilities.”
“Simple Energy is tackling a critical need for the industry, “ said investor Dean Mathew, the former Director of Duke Energy’s VC arm. “I’ve seen thousands of new and innovative technologies, but customer engagement is the key and that’s why I’m so excited about Simple Energy.”
About Simple Energy
Based in Boulder, Simple Energy strives to change how millions of people save energy by revolutionizing how utilities engage their customers. Simple Energy’s social gaming platform and applications combine executive knowledge of the utility industry, extensive behavioral studies and social game mechanics that encourage energy efficiency. Participants in Simple Energy programs compare their real energy usage with their friends and neighbors, making energy efficiency social, fun and simple. For more information, please visit http://simpleenergy.com.