Announcing Our Seed Investment in BrightCurrent
Accelerating Clean Energy Adoption While Creating Solar Industry Jobs
We are pleased to announce our seed investment in BrightCurrent, a leading customer acquisition platform for residential solar and other clean energy solutions. The Oakland, CA-based company combines proprietary technology with a scalable fulfillment service to acquire residential customers below market rates at major retailers including Costco, Sears, Orchard Supply & Hardware, Ace and others. They originate solar sales, which are then sold to their customer base of top solar installation and finance partners such as SunRun, SunPower, and OneRoof Energy. Customer acquisition is a major bottleneck in the adoption of residential solar power, and BrightCurrent uniquely solves this problem with a focus on in-person education.
We have been extremely impressed by co-founders John Bourne and Jack Bertuzzi, who bring extensive industry insight and a high level of energy to the table. Each has close to a decade of experience in clean energy with positions in customer acquisition, installation, and project finance at top solar companies. Their drive and tenacity is demonstrated by BrightCurrent's six-figure monthly recurring revenue and double-digit monthly growth rate. To date, the company has enabled 960 homes to go solar - offsetting 176,000 metric tons of carbon emissions - and they have created over 100 jobs in solar. BrightCurrent is projecting 20,000 home solar installs by the end of 2016 along with hundreds of jobs created. We continue to be bullish on the solar market, and we believe BrightCurrent will play a pivotal role in accelerating residential adoption.
We are staying quite busy here in Oakland, and BrightCurrent represents the fourth portfolio company in our second fund. We continue to see attractive opportunities across our investment themes, and we expect to announce new investments over the coming months. We recently did a second close on the fund, bringing our total to $9 million, and we plan to do a final close on $20 million by the end of the year. If you would like more information about BrightCurrent or Better Ventures Fund II, please feel free to reach out.