$2.3 Million in Second-Round Funding: Growing Smart
During the past year—in the middle of a pandemic—Virtual Peaker doubled in size and revenue.
Obviously, that success is one of the major reasons we’ve been able to raise $2 million so far from our investors, and we expect to complete our second round of funding with $2.3 million in the bank (Read more on Louisville Business First). But I think there’s more to it than just pure growth.
After our initial round in 2018, when we raised $1.2 million, we used those resources to really unlock what I call our go-to fit market. This means that we’ve really taken the time to figure out how utilities operate, and what they’re looking for in a partner with an incredibly flexible cloud-based energy management platform. As an enterprise software-as-a-service (SaaS) company, achieving this milestone has helped Virtual Peaker expand rapidly, and with a high level of credibility.
Operating out of our new headquarters in Louisville’s NuLu Marketplace, with many of our folks also working part-time from home, we’re hyper-focused on growing smartly and not overextending. That said, we’re actively hiring because, with a new administration in Washington, our utility clients want to capitalize on the renewed urgency to leverage software and technology that can reduce energy consumption and climate change.
At Virtual Peaker, we’re a small team tackling huge problems. That’s why we’re so grateful to our investors—some who were with us for the first round of funding as well—for providing the capital we need to execute our mission.
A big part of sustaining our smart growth will be using this new infusion of capital to hire the right people who can help expand our market. If you want to save the world, we want to hear from you.