Energy Technology Firm ComboCurve Announces $50M Series B
HOUSTON, April 26, 2022 (GLOBE NEWSWIRE) — ComboCurve, the cloud-based energy analytics and operating platform of choice for many of the world’s largest energy companies, announced today that it has raised $50 million through a Series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners. The additional capital comes on the heels of its Series A funding announced less than six months ago.
The Series B capital raise firmly cements ComboCurve as the fastest growing technology company in the energy industry. The additional capital will allow the company to accelerate core product enhancements while expanding into other workflows, including greenhouse gas emissions forecasting, scheduling, and modeling of renewable energy sources.
Since last year’s Series A funding round, ComboCurve has quickly become the energy operating platform of choice, boasting 650% year-over-year growth and more than 170 customers with a collective enterprise value exceeding $600 billion. ComboCurve’s software was named “Disruptive Technology of the Year” at the 2021 Northam Royalties Assembly Awards.
“ComboCurve was created to solve critical pain points, helping energy companies better manage their forecasting, valuation, reporting and decision-making functions,” said Armand Paradis, CEO and Co-Founder, ComboCurve. “Our solution has resulted in widespread adoption by many of the world’s leading energy companies, and this investment led by Dragoneer and Bessemer, two of the world’s leading technology investment firms, will enable us to engage with additional energy companies to operate more efficiently.”
Working in collaboration with energy companies, financial institutions, mineral and royalty firms and private equity groups, ComboCurve’s platform unlocks the power of its clients’ data with sophisticated software to forecast and report the performance of energy assets and run scenarios with thousands of assumptions in a matter of minutes. Executing on a broader roadmap, ComboCurve’s mission is to become the software for energy asset management, including renewables.
“ComboCurve has drastically improved the efficiency, ease, and accuracy of our acquisition efforts and asset management,” said Jarret Marcoux, Vice President of Engineering and Acquisitions, Desert Peak. “Our organization is focused on holistic data integration to make informed decisions using the best tools available in the industry, and ComboCurve fits into that strategy perfectly. The speed in which they respond to our needs through feature releases and customer support is unmatched. Because of this, we view them as a true partner rather than simply a software company. ComboCurve has been a refreshing change in an industry littered with antiquated software companies unwilling to innovate, change, or address customer needs.”
“ComboCurve is in the early innings of building a truly enduring franchise that is rapidly becoming the software backbone of their customers’ day-to-day operations,” said Christian Jensen, Partner at Dragoneer Investment Group. “We are excited to partner with Armand and his world-class team as they continue to deepen their suite with existing customers and expand their platform into renewables, emissions reporting, and all corners of the energy market.”
“ComboCurve is bringing the energy industry to the cloud and delivering a best-in-class, collaborative solution for energy forecasting, asset management, and more,” said Brian Feinstein, Partner at Bessemer Venture Partners. “We’re thrilled to be partnering with ComboCurve in their journey to modernize the energy industry in the U.S. and beyond.”
Headquartered in Houston, ComboCurve is a smart, scalable energy tech company that provides decision makers the ability to value assets, de-risk decisions and save time through an intuitive cloud-based collaborative platform. For more information visit combocurve.com or follow them on Twitter or LinkedIn.
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $27 billion in long-duration capital. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion of capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).