Gorilla, a Belgian company that provides the energy sector with real-time data and analytics for pricing and forecasting, has raised 23 million euros ($25 million) in a Series B round led by U.S. venture capital firm Headline.
Founded in 2018, Antwerp-based Gorilla works with energy providers across Europe, the US and Australia, including British Gas parent company Centrica, Shell Energy and Atlanta, Georgia-based Gas South. These companies can use Gorilla's cloud-based platform to crunch vast amounts of energy data and derive insights into consumption patterns and more to forecast future energy needs and identify areas for improvement.
Gorilla has raised around 6 million euros ($6.5 million) to date, and with this new funding it plans to expand further into other European markets, including Germany, where energy prices are rising, as well as further growth in the U.S. Indeed, the new funding comes as energy prices are soaring in markets like Texas: In Houston alone, electricity prices have risen 16% over the past year as hot weather has increased demand for air conditioners.
Combined with geopolitical factors such as the Russia-Ukraine conflict, ever-changing regulations, diversifying energy sources across fossil fuels and renewables, and increasing use of connected technologies, this has created fertile ground for data-driven energy startups to thrive.
“No one knows what the energy industry will look like in 10 years' time,” Gorilla co-founder and CEO Ruben van den Bossche said in a statement, “but innovation will be key on the journey to get there. This investment in Gorilla will help energy retailers around the world become more agile in their commercial delivery as they drive or are pushed towards net zero.”
Headline, the lead investor, has previously invested in major companies like Sonos and emerging AI startups like Mistral, which just closed a $640 million funding round.
Other participants in the round include the startup's existing investors Beringea and Belgian private equity firm PMV.