A French investment giant has become the largest shareholder in UrbanChain after it raised more than £5m.
The Manchester-based renewables energy market creator secured £5.25m through a Series A funding round led by Eurazeo.
UrbanChain has previously received significant investment from Innovate UK and the Department for Energy Security & Net Zero.
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Launched in 2017, the company runs a peer-to-peer (P2P) energy exchange in the UK. Following the fundraise, UrbanChain will expand into new international markets, starting in Ireland.
The firm will also enhance its technology infrastructure and grow its workforce from 10 to 21 by December 2023.
UrbanChain CEO Dr Somayeh Taheri said: "We’re delighted to conclude this Series A led by Eurazeo which will strengthen our technical infrastructure in response to the scale of exponential growth that we are experiencing."
Pierre Devillard, managing director in Eurazeo’s Venture Smart City team, added: "We are very happy to partner with the UrbanChain team and look forward to supporting them in bringing their technology and business model forward internationally.
"Through the P2P markets, the firm is supporting the development of renewable energy where the consumption is, hence limiting drastic impacts on the grid and providing benefits to local communities. What they do is clearly the future of electricity markets."
Matthieu Bonamy, partner in Eurazeo's Venture Smart City team, said: "At Eurazeo, we believe that the growth of renewable energy is largely driven by power purchase agreements.
"UrbanChain's talented team has developed the tech that enables direct matches between consumers who want to consume clean energy and green generators."
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