Singapore startup Electrify raises $30m to let you buy electricity on the blockchain
Electrify, a Singaporean startup that allows consumers to compare prices before buying electricity via its marketplace, has raised $30 million in funding via token sale, boosting its efforts to make electrical energy more accessible and affordable in the region. In a statement on Wednesday, Electrify claimed that the token sale received pledges of over $1.3 billion.
The latest fundraising saw the backing of strategic investors such as Jun Hasegawa, CEO of OmiseGo, Ethereum co-founder Wendell Davis, and Japanese VC Global Brain. “This funding will be used to power Electrify’s expansion into priority markets outside of Singapore, including Southeast Asia, Japan, and Australia. It will also help drive company growth, recruitment, and product development,” the startup said.
Among the products that Electrify is developing is a blockchain solution for energy. The rise of blockchain technology and the liberalisation of Singapore’s domestic electricity market this year are among the key drivers behind the company’s platform.
Marketplace 2.0, Electrify’s new electricity ecosystem, will be supported by smart contracts and enhanced by its peer-to-peer energy trading platform, Synergy, on city-wide energy grids across Asia. The marketplace allows consumers to browse and purchase electricity from a variety of energy providers. Electrify, the first electricity marketplace in Singapore, claims to have helped businesses save about S$730,000 in their electricity bills since March 2017.
“By aggregating retail electricity offerings on our platform with our proprietary pricing engine and blockchain solution, we bring better-informed choices at more affordable prices to the consumer,” said Julius Tan, co-founder and CEO of Electrify.
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