Ecotagious, a Vancouver-based energy analytics and home energy management company, has secured undisclosed working capital.
The financing was facilitated by the export guarantee program of Export Development Canada (EDC). EDC partnered in the deal with BMO and First West Capital.
Founded in 2010 and led by CEO Bruce Townson, Ecotagious provides a software-as-a-service platform that helps utilities give appliance-level feedback and insights to customers.
The funds raised will allow the company to scale and deliver on new contracts.
Canadian cleantech company Ecotagious secures working capital with support from EDC
April 22, 2019 OTTAWA
Ecotagious is making it easier for Canadians to make every day Earth Day
Across the country, Canadians are looking for ways to reduce energy use at home, both to support environmental protection and to cut costs. An awareness of peak hours and the appliances demanding the most energy is helpful but can become a lot to manage.
In an effort to take some burden off the consumer, Canadian cleantech company Ecotagious developed technologies that help utility providers give their customers personalized suggestions based on when they use their appliances and peer comparisons, and help customers receive energy insights through portals and virtual assistants.
The company saw record growth in 2018 and recently landed eight new contracts, which meant they needed working capital to hire more people.
“Last year our revenues grew by 150% and we added eight utility customers. But with exponential growth comes the challenge of having sufficient working capital to rapidly scale up and deliver on new contracts—a common occurrence for high-growth cleantech companies like ours,” said Bruce Townson, Ecotagious CEO. “However, receiving support from EDC has enabled us to continue to deliver verified, industry-leading savings to our clients and their customers and makes us very competitive.”
Financing through Export Development Canada’s Export Guarantee Program helped the company secure the operating line they needed to move ahead.
“Deals like this highlight how Canada’s financial institutions are coming together to help early-stage cleantech companies succeed internationally,” said Carl Burlock, Senior Vice-President of Financing and International Growth Capital at EDC. “In this case, BMO, First West Capital and EDC all saw the potential of Ecotagious and the advantage of ensuring the company’s contracts were executed successfully.”
EDC is Canada’s largest financier of clean technology companies, having provided $2 billion worth of export support in 2018. Supporting this innovative and fast-growing sector of the Canadian economy has been a priority for EDC since 2012.
Click here for a snapshot of EDC’s 2018 Cleantech results
Ecotagious Inc. turns data into energy savings for utility clients. Its SaaS-based Powerful Insights™ platform leverages machine learning, smart meter disaggregation and behavioral science to provide utilities’ residential customers with appliance-level feedback and personalized insights across all channels. Ecotagious is a private company based in Vancouver, Canada.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to take on the world with confidence. Underlying all our support is a commitment to sustainable and responsible business.
For more information and to learn how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
Export Development Canada