The Princeton-based investment firm said in a news release that the funding round, which it co-led with Balance Point Capital, will help Budderfly accelerate sales amid higher demand for energy savings in the pandemic environment. Connecticut Innovations also participated in the investment in the Shelton-based business.
Budderfly provides energy savings and utility expense management services for quick-service restaurants, convenience stores, retailers and other enterprises. The company tripled its revenue in 2019, Edison noted.
“Edison was an investor in two of CEO Al Subbloie’s prior companies, one of which returned 10-times,” General Partner Gary Golding, a member of the Budderfly board, said in a prepared statement. “Under Al’s leadership, Budderfly has created an energy-as-a-service concept that remains unique and holistic. The company is delivering a winning combination of technology, people and process to drive growth, and we’re thrilled to help them continue to build leadership in the energy services market.”
Edison led the initial $22 million financing of the company in June 2017, and Budderfly raised another $55 million in June 2019.