23 Dec 2020

Piclo closes Series A led by Clean Growth Fund

By Melanie Hayes

BGV portfolio company, Piclo, has announced the successful close of investment by the Clean Growth Fund, a newly launched, clean-tech VC fund backed by CCLA and BEIS, as part of its Series A round. BGV participated in this round alongside CGF and new and existing angel investors.

An instrumental role in achieving net-zero emissions by 2050

Piclo’s pioneering technology transforms energy markets, enabling participants like network operators and flexibility service providers to trade flexibility via Piclo’s independent marketplace to make the grid more efficient, reliable and sustainable. Their platform, Piclo Flex, plays a key role in the future of energy networks that is required to achieve net-zero carbon emissions.

This investment will support Piclo’s growth in UK and international markets; having already commercially partnered with five of the six UK distribution network operators, the company announced its first international trial in Slovenia earlier this year.

We first invested in Piclo (formerly known as Open Utility) seven years ago when the company joined our Summer 2013 cohort. James, Andy and Alice had a bold ambition to provide cheap, abundant and clean energy for all and their complementary skillsets demonstrated great potential to execute that vision.

It’s been a pleasure to work closely with the team ever since; they’ve always been at the cutting edge of the energy industry and have proved themselves agile and adept in responding to the changes and challenges its complexity and scale presents.

We reinvested because the team has built real traction and momentum in recent years and demonstrated that they can not only disrupt existing markets but build new ones to deliver tangible progress towards net-zero.