Mullingar firm secures €7 million funding package
Mullingar based energy management company Watt Footprint has secured a €7m investment package.
Watt Footprint says that this strategic investment, made through the 2023 Davy EIIS Fund, is set to accelerate its market expansion and growth initiatives, including further developments in their cutting-edge technology platform. The Davy EIIS Fund, managed by BES Management DAC, is a joint venture between Davy and BDO.
Paul Mahon, CEO and co-founder of Watt Footprint says that the partnership with the Davy EIIS fund "marks a significant step in the journey to realise our vision for Watt Footprint".
"The investment will be fundamental in accelerating the next stages of launching our software platform to the Irish and international markets - a significant achievement for the company and marking an exciting future ahead”
Paul O’Reilly, chairman and co-founder of Watt Footprint, says that the firm is "thrilled that Watt Footprint has partnered with the BDO EIIS Fund, marking a significant milestone in our business".
"This investment is part of a 3-year strategy to accelerate our growth and help fund international expansion into new markets. This investment will allow Watt Footprint to support businesses on their path to the ever increasing zero carbon targets.”
BES Management DAC is the dedicated Manager of the Davy EIIS Fund, a pioneering joint venture between Davy and BDO. With a rich history spanning 25 years, BES Management has successfully raised and invested over €225 million in 195 SMEs, solidifying its position as Ireland's longest running and most experienced BES/EIIS Fund Manager.
Sinead Heaney, Director of BES Management DAC, the Manager of the Davy EIIS Fund and Partner at BDO Ireland said that Watt Footprint "has demonstrated an innovative approach to energy management which has already made a significant impact in the market".
"We are thrilled to support their dynamic team as they embark on this next phase of growth and expansion. This investment underscores our belief in their vision and our commitment to backing ambitious businesses that are shaping a more sustainable future”
Established in 2020, Watt Footprint is leading a revolution in the energy sector. Making the expertise of a full energy management team accessible to every business and setting a new standard for energy efficiency and cost management. In addition, Watt Footprint has developed an advanced proprietary software and state-of-the-art technology platform, leveraging AI and machine learning for detailed meter data analysis and automating bill reading and interpretation, offering businesses an unparalleled energy management solution.
With the rise in energy costs and increased focus on sustainability, globally, businesses are seeing energy reduction, not just as a green initiative, but a financial necessity. With a clear value proposition “delivering real energy savings for businesses”, Watt Footprint has experienced consistent growth and demand for its services providing a unique solution for businesses both in Ireland and internationally.
Watt Footprint currently employs twenty expert energy specialists from energy auditors, and engineers, to software/technology experts and project managers. With this new investment, employment numbers will reach forty-five by year end. In addition, the company has opened new offices in London and Dubai with further plans to expand into the US and EU.