Choose Energy, an online energy marketplace that helps residents and businesses switch electricity providers, acquired Power2Switch, a Chicago, IL-based energy startup.
The amount of the transaction was not disclosed.
Led by Seyi Fabode, CEO and co-founder, Power2Switch is a Techstars alum that helps consumers reduce energy costs by comparing rates and switching electricity providers. The company, which has raised $1.3m in venture capital from Chicago-based investors (read here), has expanded to New Jersey, Texas, Ohio and New York.
Founded in 2008 and led by Jay Webster, president, Choose Energy raised $4m in Series A funding from Kleiner Perkins Caufield & Byers (KPCB) and Stephens Capital Partners in March, 2013 to advance its technology, accelerate growth and strengthen its market position (read here). The company, which plans to enter all 19 deregulated energy states and 22 deregulated natural gas states, is currently available in Pennsylvania, Texas, New York, Ohio, Connecticut, Illinois, Maryland and New Jersey.
FinSMEs
30/09/2013