FlexiDAO, a start-up supported by EIT InnoEnergy, successfully secured a seven-digit seed round led by their new investor SET Ventures and in which EIT InnoEnergy also participated. With this investment, the Spanish company aims to accelerate international growth of its blockchain-based energy provenance service and to develop new use cases leveraging on the existing middleware platform.
Since its foundation in 2017, FlexiDAO has positioned itself rapidly as one of the commercially leading European blockchain startups in the energy space. The company has shown the viability of moving from proof of concepts to commercial rollouts and is now present in seven countries.
FlexiDAO has already partnered with six leading utilities – such as Iberdrola and Acciona, also InnoEnergy partners – allowing them to offer a corporate social responsibility service to C&I customers. Customers can select preferred local renewable energy plants and track the matching of this green energy with their own consumption on an hourly basis. FlexiDAO’s provenance tool is tracking more than 4GWh of energy, applied to PPAs, green tariffs, onsite generation or electric vehicles.
Beyond energy traceability, FlexiDAO offers a middleware gateway that can enable a scalable and secure interaction with any blockchain infrastructure for other applications.
"Renewable energy tracking is the first use case that demonstrates the commercial value of blockchain in the energy sector today", said Simone Accornero, CEO and co-founder at FlexiDAO. "However, FlexiDAO’s mission reaches beyond this initial step: we want to effectively coordinate millions of distributed energy resources on the grid and accelerate the energy transition. We are excited to partner with SET Ventures to leap jump towards that goal".
Award-winning venture capital firm SET Ventures has been closely following the evolution of blockchain in the energy sector over the past years as it believes that blockchain technology may be the key to a truly decentralised clean energy system. "FlexiDAO is already a leader in the rapidly emerging energy blockchain space, being one of the first players that are rolling out a blockchain-enabled application at scale”, says Julia Padberg, Investment Manager at SET Ventures. “We are very proud to join and support this excellent young team on their growth journey". Padberg also joined the Supervisory Board of FlexiDAO on behalf of SET Ventures.
Born in Barcelona, Spain, FlexiDAO moved its headquarters to Amsterdam to be present in one of the leading European cleantech and blockchain cities. The company also maintains a presence in Barcelona.