French energy tech company, Effy, has been on a mission to make European homes more sustainable and energy efficient through renovation projects. Now, the company has taken in its first capital raise (of €20 million) since its inception.
In times of challenge, innovation can thrive. When it comes to energy, it couldn’t be more true. With the urgency of the climate crisis continuing to hit headlines and the European energy crisis exposing flaws in the existing energy system, innovation in this space has been skyrocketing. From new renewable energy sources to tech that can help reduce energy usage and beyond, energy tech is at an exciting point of development.
As more and more consumers see the need to opt for greener energy choices, energy renovation projects have grown in popularity. People want to make their households more energy efficient and eco-friendly – helping them to reduce emissions and also save cash.
Since its inception in 2008, French company Effy has been fueling home energy renovation in France. It’s built a network of more than 3,600 local partner craftsmen, completing over 100,000 energy renovation projects each year. The company generates over €800m worth of transactions on its platform and had more than 18 million visitors to its websites in 2022.
Now, the company has taken in its first external investment – totalling €20 million. Felix Captial led the round and it’ll be used to further develop the company’s platform, launch new products, and, further expand across Europe.
Frédéric Utzmann, Founder and CEO of Effy: “Following the energy crisis, energy renovation is becoming a priority in all European countries. We are a leader today in France and have great growth ambitions, in France and soon in Europe. The time has come for us to welcome our first financial partner, who will be able to support our growth and our ambition in the next decade. Felix Capital was the best choice for Effy, particularly given their strong understanding of consumers, their experience with growing marketplaces of a global scale, and their ability to support our long-term brand vision.”
It’s reported that 75% of Europe’s buildings are inefficient and 40% of our energy consumption is taken by our homes. Effy wants to change this outlook, making European homes more sustainable, energy-efficient and planet positive. The company leads projects such as solar panel and heat pump installation, stove electrification, window replacement, and building insulation projects – all of which are proven to significantly reduce household energy consumption, energy bills, and, in many cases, increase property value as well.
Energy renovation is a key priority for leaders and governments across Europe – it’s seen as a viable, scalable and accessible way to reduce energy consumption.
As it stands, Effy claims that its projects saved over 1.3 million tons of CO2 in 2022 alone.
Through its energy renovation projects, the company can democratise access to green energy solutions, and, reduce energy bills.
In early 2019, Effy sold its Business and Communities activities to Engie to focus on solutions for individuals and building their network of craftsmen/partners. Since then, Effy has undergone a profound transformation of its activities and business model and invested more than €50 million in the development of its software platform
This new funding will help push forwards the so-called renovation wave and contribute to making a more sustainable energy outlook for Europe, and one that is accessible to all.
Frédéric Court, Founder and Managing Partner of Felix Capital: “At Felix, we aim to back entrepreneurs and teams making a positive impact on the world in an ambitious way. We have been impressed with the Effy team’s dedication and depth of knowledge in the energy and sustainability space, built over the past 15 years in France. We are proud to now partner with them on their journey to scale what is already a strong European, mission-focused business. The quality of the team, the historical operational excellence of their business were determining factors in our investment decision, along with the team’s positive impact on employment and on local ecosystems in the field of energy renovation.”
