HOUSTON, April 12, 2022 (GLOBE NEWSWIRE) — ComboCurve, the cloud-based energy analytics and operations platform of choice for many of the world’s largest energy companies, today announced that it had raised $50 million through a Series B funding round led by Dragoneer Investment Group and Bessemer Venture Partners. The additional capital follows its Series A funding announced less than six months ago.
The Series B capital raise firmly cements ComboCurve as the fastest growing technology company in the energy sector. The additional capital will allow the company to accelerate core product improvements while expanding into other work streams, including greenhouse gas emissions forecasting, fuel source planning and modeling. ‘renewable energy.
Since last year’s Series A funding round, ComboCurve has quickly become the energy operating platform of choice, posting 650% year-over-year growth and more than 170 customers with a collective enterprise value exceeding $600 billion. ComboCurve’s software was named “Disruptive Technology of the Year” at the 2021 Northam Royalties Assembly Awards.
“ComboCurve was created to solve critical problems, helping energy companies better manage their forecasting, evaluation, reporting and decision-making functions,” said Armand Paradis, CEO and co-founder of ComboCurve. “Our solution has resulted in widespread adoption by many of the world’s largest energy companies, and this investment led by Dragoneer and Bessemer, two of the world’s largest technology investment firms, will enable us to engage with other energy companies to operate more efficiently.
Working with energy companies, financial institutions, mining and royalty companies, and private equity groups, ComboCurve’s platform unleashes the power of its customers’ data with sophisticated software to forecast and report performance. energy assets and run scenarios with thousands of assumptions in a matter of minutes. Running on a broader roadmap, ComboCurve’s mission is to become the software for managing energy assets, including renewables.
“ComboCurve has dramatically improved the efficiency, ease and accuracy of our acquisition efforts and asset management,” said Jarret Marcoux, Vice President of Engineering and Acquisitions, Desert Peak. “Our organization is focused on holistically integrating data to make informed decisions using the best tools available in the industry, and ComboCurve fits perfectly into this strategy. The speed at which they respond to our needs through of feature releases and customer support is second to none. For this reason, we consider them a true partner rather than just a software vendor. ComboCurve has been a refreshing change in an industry littered with outdated software vendors that do not want to innovate, change or meet customer needs.
“ComboCurve is in the early stages of building a truly sustainable franchise that is quickly becoming the software backbone of its clients’ day-to-day operations,” said Christian Jensen, partner at Dragoneer Investment Group. “We are thrilled to partner with Armand and his world-class team as they continue to deepen their following with existing clients and expand their platform into renewable energy, emissions reporting and all corners of the energy market.”
“ComboCurve brings the energy industry to the cloud and offers a best-in-class collaborative solution for energy forecasting, asset management, and more,” said Brian Feinstein, Partner at Bessemer Venture Partners. “We are thrilled to partner with ComboCurve on their journey to modernize the energy industry in the United States and beyond.”
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About ComboCurve
Houston-based ComboCurve is a smart, scalable energy technology company that empowers decision makers to assess assets, reduce decision risk, and save time through an intuitive cloud-based collaborative platform. For more information, visit combocurve.com or follow them on Twitter or LinkedIn.
About Dragoneer Investment Group
Dragoneer is a growth-oriented investment firm with over $27 billion in long-term capital. Dragoneer has a history of partnering with leadership teams building exceptional businesses characterized by sustainable differentiation and superior business models. The company’s balance sheet includes public and private investments across all industries and geographies, with a particular focus on technology-focused companies. Dragoneer has invested in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay solid foundations to build and forge sustainable businesses. With more than 135 IPOs and 200 portfolio companies across corporate, consumer and healthcare, Bessemer supports founders and CEOs from their early days and through every stage of their growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion in capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s rich history has allowed its partners to celebrate and examine its best investment decisions (see Memos) and also to learn from its errors (see Anti-Portfolio).
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