What is Leap?
Leap operates by aggregating energy resources from partners' batteries, electric vehicles, smart thermostats, HVAC systems, and industrial facilities to form virtual power plants (VPPs). The company handles the complex operational and compliance requirements across wholesale energy markets, enabling its partners to generate hidden revenue streams, enhance customer engagement, and achieve their sustainability objectives. This innovative approach positions Leap as a key player in the transition towards a more flexible and decarbonized energy grid.
How much funding has Leap raised?
Leap has raised a total of $60.1M across 4 funding rounds:
Angel/Seed
$2.4M
Series A
$8.2M
Series B
$33.5M
Private Equity
$16M
Angel/Seed (2018): $2.4M with participation from National Grid Partners, Powerhouse Ventures, and Congruent Ventures
Series A (2020): $8.2M led by Union Square Ventures
Series B (2021): $33.5M supported by Park West Asset Management, Climate Capital, and Silicon Valley Bank
Private Equity (2023): $16M featuring DNV Ventures, National Grid Partners, Congruent Ventures, Standard Investments, Union Square Ventures, and Sustainable Future Ventures
Key Investors in Leap
National Grid Partners
National Grid Partners invests in technologies that address current challenges and shape future energy systems. They act as a bridge between entrepreneurs and utilities, fostering collaboration for innovative energy solutions. Their portfolio includes a range of companies focused on AI, cybersecurity, and energy management, targeting utilities and other asset-intensive industries. The firm is dedicated to empowering entrepreneurs and incubating ideas that accelerate the future of energy.
Powerhouse Ventures
Powerhouse specialises in developing and shaping research from New Zealand and Australian universities into world changing businesses. It has developed a unique approach, providing access to business building expertise, capital, networks, recruitment and ongoing business support. Its portfolio currently comprises 22 early stage to mature businesses founded on university and research institute intellectual property. The Company listed on the ASX on 12 October 2016.
Congruent Ventures
Congruent Ventures is a climate-focused investment firm committed to partnering with bold entrepreneurs in North America. They specialize in supporting early-stage companies that innovate across various domains, including climate technology, aiming to create impactful solutions that utilize resources more efficiently. The firm provides capital ranging from formation to Series A investments, aiding companies in their growth and development. Their goal is to back transformative businesses that contribute to carbon reduction and a sustainable future.
What's next for Leap?
The recent major strategic investment signifies Leap's advanced stage of growth, likely moving beyond initial scaling into a phase of market expansion and operational optimization. This substantial backing will empower Leap to further develop its VPP technology, broaden its market reach within global electricity markets, and forge new partnerships. The company is poised to solidify its position as a leader in the energy transition, driving the adoption of renewable energy resources and contributing to grid stability and decarbonization efforts.
See full Leap company page
