Piclo closes £8.3m Series B funding round

Piclo, a flexibility services marketplace, has closed its Series B funding round and raised £8.3m to further strengthen its position in the UK and Europe, as well as grow its international presence in the US, and Asia-Pacific. The funds will also support the rapidly growing team and further investment in product development.

Piclo’s series B funding round was co-led by Future Energy Ventures (FEV) and Clean Growth Fund (CGF), followed by existing investor Green Angel Syndicate and new investors Toshiba Energy Systems & Solutions (Toshiba ESS), Sustainable Future Ventures (SFV) and Japan Energy Fund (JEF).

James Johnston, CEO at Piclo, said: “We are delighted that our investors have chosen to support Piclo and enable our vision of a decarbonised grid by 2050.

“We believe that flexibility solutions through our marketplace have a critical role to play in the global journey to net zero and will help deliver increased energy security at lower cost, building on the great progress we’ve already made in the UK.

“It is an exciting time to be part of a UK cleantech ecosystem that will deliver the solutions we need to achieve net zero. Whilst we had minimal exposure to SVB, we applaud the quick action of the US and UK authorities which has reassured the business community.”

Beverley Gower-Jones, Managing Partner of Clean Growth Fund, said: “Piclo was Clean Growth Fund’s first investment in December 2020, and since then the team has gone from strength to strength, growing its business in the UK and the Continent and now working alongside National Grid to deliver a new flexibility marketplace in New York State.

“Given its success to date and the pressure on network operators to decarbonise, we are delighted to invest again in Piclo and support the company’s next phase of growth.”