Utility Overlord WegoWise Raises $3 Million Series A Addendum
Monitoring energy and water usage is a winning combination for WegoWise as the Boston-based company announced today they have raised $3 million in addition to their Series A round. Zipcar backer Boston Community Capital (BCC) provided the funding. BCC provided the original $1.9 million for the initial Series A in 2011.
WegoWise has developed a Web-based platform that definitely has the interest of landlords. Not only does the platform monitor water and energy consumption, it compares the data to similar buildings in the area and lets landlords know whether or not their building is doing better, or worse, than its peers. It also offers users ways to save money on their energy and water expenditures.
While multi-unit landlords in energy conscience states will probably geek-out once they connect with WegoWise, the interesting part about the company is that they have developed a commercial application that could allow them to compete at a much larger level.
And if they can make significant inroads into the commercial real estate market, investors might forget WegoWise was a favorite of little landlords and give them a healthy upgrade in their Series B valuation. But breaking into that market could be challenging as companies like EnerNOC (ENOC :NASDAQ) already occupy the commercial real estate energy market and offer other services, including power demand, that WegoWise doesn’t.
But it’s hard not to like the cost-conscious approach of WegoWise and hopefully they will continue to grow.