Sealed Raises $26.4 Million to Advance Home Energy Efficiency
📷 Image Credit: Sealed
Sealed, a New York City-based climate tech company specializing in home weatherization and electrification, recently closed $26.4 million, according to SEC filings. This latest round brings the total funding raised by Sealed to $109.9 million over seven rounds, with the most recent funding completed on January 16, 2024.
Sealed's business focuses on designing, managing, and financing projects that aim to reduce energy consumption in homes, thereby contributing to lower greenhouse gas emissions. According to Sealed's CEO Lauren Salz, homes are responsible for 20% of greenhouse gas emissions in the United States, highlighting the significance of the company’s mission in the broader context of climate change mitigation.
In January 2023, Sealed expanded its capabilities by acquiring InfiSense, a sensor startup. This acquisition is expected to enhance Sealed's energy-saving services, allowing for more precise monitoring and management of home energy use. The integration of InfiSense's technology into Sealed's services demonstrates the company's commitment to leveraging advanced technology to achieve its climate goals.
Sealed has garnered the support of 10 investors, with MUUS Climate Partners and Cyrus Capital Partners being the most recent contributors. This diverse group of investors underscores the market's interest in climate tech solutions, particularly those that address residential energy consumption.
Prior to this latest funding round, Sealed raised $29.5 million in a Series B round in April 2022. This round was led by Fifth Wall and included additional funding from Keyframe Capital Partners, FootPrint Coalition, Cyrus Capital Partners, CityRock Venture Partners, and Aligned Climate Capital. The Series B round was a significant milestone for Sealed, reflecting growing investor confidence in the company's approach to tackling residential energy efficiency.
Sealed's model of offering comprehensive services — from project design and management to financing — is tailored to make home weatherization and electrification more accessible to homeowners. By handling the complexities of such projects, Sealed aims to encourage more homeowners to undertake energy-saving renovations, which can be daunting due to cost and logistical challenges.
The company's focus on residential energy efficiency is timely, given the increasing awareness of the role of homes in greenhouse gas emissions and the growing demand for sustainable living solutions. Sealed's approach aligns with a broader trend towards more eco-friendly and energy-efficient homes, driven by both environmental concerns and the potential for cost savings.
Looking ahead, the recent funding is expected to fuel Sealed's continued growth and enable the expansion of its services. With its enhanced capabilities following the acquisition of InfiSense and the backing of a diverse group of investors, Sealed is positioned to play a significant role in the residential sector of the climate tech industry.
The company’s latest funding round represents not just a financial boost for the company but also a reinforcement of the growing importance of climate technology solutions in the residential sector. As the company moves forward, its role in reducing home energy consumption and greenhouse gas emissions is likely to become increasingly vital in the fight against climate change.
