Gorilla, a unique company hailing from Belgium, has emerged as a crucial player in the energy sector by empowering businesses with real-time data and analytics for pricing and forecasting. Recently, they announced a major achievement of raising €23 million ($25 million) in a Series B round, led by the highly esteemed U.S. venture capital firm, Headline.
Established in 2018, Gorilla, based in Antwerp, collaborates with energy providers across Europe, the U.S., and Australia. Their impressive list of clients includes well-known companies such as the parent company of British Gas, Centrica, Shell Energy, and Gas South from Atlanta, Georgia. Utilizing Gorilla’s powerful cloud-based platform, these enterprises can efficiently process vast amounts of energy-related data and gain valuable insights into consumption patterns. With this knowledge, these companies can effectively predict future energy requirements and identify areas for potential improvement.
Gorilla has previously raised approximately €6 million ($6.5 million) in funding, and with this fresh injection of cash, the company has ambitious plans for further expansion into new European markets. Additionally, Germany’s current elevated energy prices make it a prime target for Gorilla to enter. The company also aims to strengthen its presence in the United States, where escalating energy prices, especially in Texas, remain a significant concern – with a staggering increase of 16% in electricity costs in Houston over the past year. This spike in price, as a result of hot weather and subsequent air conditioning demand, further emphasizes the need for cutting-edge energy data solutions.
Additionally, global factors such as the ongoing Russia-Ukraine conflict, constantly evolving regulations, the widespread use of distributed energy sources from both fossil and renewable sources, and the increasing adoption of connected technology, have created the perfect environment for data-driven energy startups to thrive and prosper.
“No one can accurately predict what the energy sector will look like a decade from now,” stated Gorilla’s co-founder and CEO, Ruben Van den Bossche, in an official statement. “But what we do know is that in order to reach that future, innovation is key. This substantial investment into Gorilla will significantly enhance energy retailers’ agility in their commercial offering, while also motivating them towards achieving the ambitious goal of net-zero emissions.”
The primary investor in this round, Headline, brings a wealth of experience, having previously invested in notable enterprises such as Sonos. They have also shown a keen interest in emerging AI startups, with recently closed funding of a massive $640 million in the AI solutions provider, Mistral.
Besides Headline, this round also witnessed the participation of Gorilla’s existing investors, Beringea, and the renowned Belgian private equity firm, PMV.
