Next Step Living Secures $25 Million in Series D Financing to Grow Residential Services for Energy Efficiency, Renewables
June 25, 2014
For Immediate Release
Braemar Energy Ventures Leads Round
Boston, MA (June 25, 2014) Next Step Living, New England’s leading provider of home energy solutions, has received $25 million in Series D funding, the company announced today. Led by new investor Braemar Energy Ventures, the funding also includes several leading earlier-stage investors. Among them are VantagePoint Capital Partners and Black Coral Capital.
The funding caps a record growth period for Next Step Living which since 2008 has helped more than 75,000 households become more energy-efficient and adopt renewable energy. Earlier this year, the company ranked first as the fastest-growing private company in Massachusetts and was named to the prestigious TiE50 “2014 Global Hot Technology Start-up Watch List.” Additionally, company founder and CEO Geoff Chapin this month was named EY Entrepreneur Of The Year 2014TM in New England.
“Next Step Living is well-positioned as a leader in the clean-energy sector that is experiencing strong double-digit growth, notably in New England. We are particularly excited about the company’s ability to offer homeowners the most cost-effective, energy-saving investments, whether that is weatherization, window replacement, solar or even participating in community solar,” said Dennis Costello, managing partner, Braemar Energy Ventures. “We see Next Step Living as quickly rising to the next level as a dominant force in enabling green living and energy efficiency for homeowners well beyond New England.”
The funding will help Next Step Living continue its expansion into new markets. It operates today in Massachusetts and Connecticut with more than 800 employees.
“We appreciate the recognition and support from Braemar and the very meaningful, continued support from our early investors. This validates that our whole-home approach to helping homeowners save energy and reduce carbon emissions resonates with both homeowners and the investment community,” said Chapin. “We’ve always believed in our practivist model to marry our activist agenda for sustainability with a sustainable business model.”
Massachusetts Green Energy Fund, The Windquest Group and dozens of angel investors are among those that have helped fund Next Step Living.
About Next Step Living
One of the fastest-growing companies in the country, Next Step Living™ is the leading provider of whole-home energy solutions in New England. Headquartered in Boston’s Innovation District, Next Step Living makes it easy and affordable for people to live in homes with a low environmental impact. A one-stop service provider for informed advice, funding guidance and expert work, Next Step Living partners with more than 400 municipalities, civic organizations and leading corporations to deliver energy-efficient and environmentally friendly solutions for better living. Since 2008, Next Step Living has helped New England homeowners achieve almost $18 million in energy savings, which is expected to grow to more than $90 million in the next five years. Next Step Living makes our world better. Please visit NextStepLiving.com for more information.
For more information
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About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on investing in transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to creating significant global impact. For more information, visit braemarenergy.com.