FirstFuel Gets $23 Million to Expand Energy-Management Platform

(Bloomberg) — FirstFuel Software Inc., a provider of
energy-management software and services, closed a $23 million
funding round that it will use to expand its business.

Next World Capital led the Series C financing, closely held
FirstFuel said Wednesday in an e-mailed statement. Existing
investors Battery Ventures, Rockport Capital Partners, Nth Power
and EON SE also participated in the round.

Global revenue from products that increase the energy
efficiency of buildings is expected to increase to more than
$620 billion annually by 2023, compared with $307 billion in
2014, according to a December report by Navigant Research.

“Providers are asking us to help them understand each and
every customer’s energy usage and needs,” FirstFuel Chief
Executive Officer Swapnil Shah said in the statement.

FirstFuel has raised about $45 million since it was founded
in 2010.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Will Wade

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