Stockholm, April 20, 2022 - The SaaS company Bright Energy AB, which has developed a digital platform for the energy sector, raises SEK 40 million. The investment company byWiT, specializing in operational investments, is a leading investor. Several existing owners are also participating in the investment round. Bright will use the capital to grow the business and expand further into Europe.
Bright has the vision to digitize the energy industry with an open and data-driven digital platform that energy companies can offer their customers. With a turnkey white-label solution, they can stimulate households to, among other things, avoid electricity use during the hours of the day when many people use electricity at the same time, which helps to even out the load on the electricity grid.
The company is making great progress and has grown strongly in Sweden and the Nordic countries since the start. In 2021, MRR (Monthly Recurring Revenues) increased by more than 120%, the team doubled and the number of users on the platform today amounts to hundreds of thousands. The company is now expanding further into the European market in collaboration with byWiT, where the capital will be used, among other things, to strengthen the organization, further develop the product range and expand to Europe.
For us, it was important to find an investor with solid knowledge in digitization, tech and scaling of SaaS companies, who in addition to capital can also support us purely operationally. byWiT matches all that and we are really looking forward to working with them to scale up our business in Europe, where we know that there is great interest, ”says David Forsberg, founder and CEO of Bright Energy AB.
The investment company byWiT is an operational investor that collaborates closely with its portfolio companies with a focus on, among other things, execution, growth, and business strategy. Since the start in 2020, the company has already made around 10 investments in industries ranging from agriculture to coaching. The strategy is to invest in growth companies with strong business ideas that challenge traditional and analog markets and industries, with scalable business models and global ambitions. Bright's vision and business concept fit well into byWit's company portfolio.
Bright is an incredibly interesting company in rapid growth and it feels extremely exciting to invest in their market-leading platform that enables the digital transformation of the energy industry. Now we will work as a team, where we can contribute with experience and knowledge, to together ensure that their growth journey out into Europe takes off ", says Ulf Söderström, CEO of byWiT.
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Bright was established in 2012 and collaborates with electricity, grid, and product companies that want to offer their customers the opportunity to control their electricity use. The aim is to maximize the climate benefits of renewable energy sources, reduce costs for consumers and help Sweden's electricity grid cope with the increased load that electrification entails. For more information, visit www.getbright.se
byWiT is an investment company specializing in operational investments. This means that we invest in and collaborate operationally with the portfolio companies with a focus on execution, growth and business strategy. byWit invests in companies with strong business ideas that challenge traditional and analogue markets and industries, with scalable business models and global ambitions. The initiators behind byWiT have a long experience of building companies and have made global growth journeys as founders, investors and leaders. For more information, visit www.bywit.se
Curiosity: WiT (noun) - the capacity for innovation and rapid understanding.