Palmetto closes on $29 million Series B raise

CHARLESTON, SC – Palmetto, a software company focused on simplified energy savings for homeowners, announced that it has completed a $29 Million Series B raise. Investors from a wide range of sectors including energy, financial technology and software participated in the capital round that included Evergy Ventures, Arctern Ventures, Shell Ventures, Greycroft, Lerer Hippeau, Box Group, Falkon Ventures and the Leto Family Office.

“We are honored to have support from a wide range of partners and appreciate their recognition in the importance of our mission to mitigate climate change,” said Chris Kemper, Founder and CEO of Palmetto. “The proceeds from this investment will help us further grow our product lines and expand into a wider range of services with our consumers.

At a time when nearly two-thirds of Americans believe the federal government should do more to combat climate change, Palmetto is doing its part to scale its solutions and services to create a future powered by clean energy. The capital will be used for team growth, focusing on R&D, software, data science and the buildout of customer services, supporting Palmetto’s continued geographical expansion.

“The potential for rooftop solar and the electrification of homes in the U.S. is huge and the competitive landscape is fairly fragmented with just a few dominant players,” said Robert Linck, Chief Investment Officer, Shell Ventures. “Palmetto’s platform strategy and plans for additional products and services such as EV charging, bill management and energy retail are exciting and will allow them to offer consumers truly integrated renewable energy solutions.”

Greycroft led Palmetto’s Series A round in 2018 and has since seen the company take tremendous strides in new sales, product lines, technology and its team.

“Renewable energy is the future, and Palmetto has the best platform to bring renewable energy products and services to the market in a cost effective and scalable manner,” said Will Szczerbiak, Principal, Greycroft.

About Palmetto

Palmetto is the leading clean technology software and fulfillment platform company. Palmetto is focused on building and deploying simplified software systems that helps consumers understand their energy spend. The objective will lead the sector in shaping consumer energy consumption behavior and solutions to help them save money. The Company continues to innovate proprietary products to reduce costs and drive widespread distribution of simple energy management solutions. Palmetto is a triple bottom line, fully distributed company with teammates throughout the United States.