Fast-growing energy fintech startup raises $50M series B
Houston-based ComboCurve announced today that it has raised $50 million through a series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners.
Founded in 2017, the company is a cloud-based energy analytics and operating platform that uses sophisticated software to forecast and report on a company's energy assets, including renewables.
The series B capital will allow the company to enhance its core product, while also adding on other workflows that focus on emissions and renewable energy.
ComboCurve raised its series A less than six months ago, according to a release. The company was founded by Armand Paradis and Jeremy Gottlieb, who have backgrounds in engineering and finance, respectively.
“ComboCurve was created to solve critical pain points, helping energy companies better manage their forecasting, valuation, reporting and decision-making functions,” Paradis, who also serves as CEO, said in a statement. “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.”
Since the completion of the company's series A, ComboCurve has taken on more than 170 customers, including the likes of Devon Energy and Pioneer Natural Resources, according to ComboCurve's website.
The company describes its platform as a "supercharged Aries but easy to use," referring to the ARIES Petroleum Economic Software by Landmark Solutions, on LinkedIn. The platform provides forecast modules, workflows and fully integrated economics, with GHC and carbon reporting features in the works that will allow users to estimate future emissions.
“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,” Christian Jensen, partner at Dragoneer Investment Group, said in a statement. “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.”