South African climate-tech startup Plentify has closed an oversubscribed funding round from top African and North American venture investors to fuel its growth in South Africa and commence its international expansion.
Plentify is a smart energy company that makes affordable, reliable and clean electricity a reality for everyone by fusing advanced hardware, artificial intelligence and user-centric design.
The startup’s suite of products connects to home appliances, helping them draw energy at optimal times. This ensures that appliances deliver desired services, generate major savings on energy bills through efficiency gains, and maximise energy use during clean energy periods while minimising it during constrained times.
“Whether you’re trying to fix a weak grid like South Africa’s, or make the transition to clean energy like every country in the world, the fundamental problem is the same – a mismatch between the timing of energy demand and clean energy supply. Plentify’s residential load management platform addresses this problem for 75 per cent less than the cost of batteries,” said Jon Kornik, co-founder and CEO of Plentify.
The startup’s round included a mix of existing and new investors, such as Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation and Fireball Capital. The capital injection will enable Plentify to further accelerate its impressive growth.
“Plentify has built a product that has the potential to revolutionise home energy use in SA and beyond. We’re excited to back an exceptional team that is addressing critical energy challenges through sustainable, decentralised solutions,” said Paras Patel, managing partner of E3 Capital.
