Bia Energy Secures $8.5M USD in Bridge Funding, Accelerating Its Path as a Climate Leader and Supporting Strategic Market Expansion
- Bia Energy raises $8.5 million USD in a round led by RA Capital Management Planetary Health and IDB Lab, the innovation and venture capital arm of the InterAmerican Development Bank, mobilizing resources from the Climate Investment Fund, paving the way toward its Series B.
- Disruptive Technological Proposition: Bia’s smart meters empower users to manage their electricity consumption more efficiently with a reduced environmental impact with an incredible and unparalleled customer experience.
- Partnership with Influential Funds: Partnering with RA Capital Management and IDB Lab reinforces Bia's commitment to climate action and the use of technology to transform the global energy sector.
- Growth and Profitability: Bia currently generates over $8 million in monthly revenue with a base of +3,000 users, including Colombia’s leading companies.
- Support from Key Investors: Backed by major international funds such as Kaszek, 8VC, Global Founders Capital, and Nazca.
- Commitment to Innovation and Customer Experience: Funds will also be allocated to enhance customer service, the technology platform, and develop innovative solutions that transform the energy experience for users.
Bogotá D.C., 26 November of 2024 — Bia Energy, the most disruptive energy retailer in the region, has secured $8.5 million in strategic bridge financing in preparation for its Series B. The round is led by two of the most influential climate-focused funds: RA Capital Management Planetary Health and IDB Lab, the innovation and venture capital arm of the Inter-American Development Bank, mobilizing resources from the Climate Investment Fund. This capital infusion demonstrates strong market confidence in Bia's vision and strengthens the company's leadership position in the fight against climate change.
Bia Energy is known for challenging traditional energy giants. By replacing analog meters with smart meters, the company is revolutionizing how users manage their electricity consumption, empowering them to make informed, efficient decisions. This benefits not only consumers but also positions Bia at the forefront of climate action, leveraging advanced technology to optimize energy usage and reduce environmental impact.
“The decision for this strategic capital was not taken lightly. We chose to partner with RA Capital Management and the IDB because they share our vision: using technology to drive real, urgent change in the global energy sector,” commented Sebastian Ruales, Co-Founder & CEO of Bia Energy. “This is a fundamental step to strengthen our company as we prepare for a Series B that will enable us to reach full profitability and solidify our market position.”
Beyond securing its competitive edge, Bia will use these new funds to continue enhancing customer service, fortify its technology platform, and advance innovative solutions that transform the user experience. With this investment, Bia reaffirms its commitment to operational and technological excellence.
Bia is supported by some of the most powerful funds in Latin America and globally, including Kaszek, 8VC, Global Founders Capital, and Nazca. Together, they have enabled Bia Energy not only to grow but to disrupt the market with a clear future vision and a firm purpose.
"Bia is on the precipice of fundamentally transforming electricity consumption across Latin America. What sets Bia apart is their rare combination of technical prowess and genuine customer obsession. The team has masterfully executed on hardware deployment, software development, and sophisticated power purchasing, while always putting their customers first. As our inaugural investment in South America, Bia exemplifies the transformative potential we seek in our portfolio companies, and we're energized to be a part of their journey," commented Kyle Teamey, Managing Partner, RA Capital Management Planetary Health.
"The energy sector is notoriously challenging to transform, requiring a highly innovative approach to tackle its inherent complexities. At IDB Lab, we look forward to seeing how Bia’s smart energy innovation enables meaningful environmental impact while optimizing energy consumption. We are confident that our support will help Bia increase its scale and achieve its ambitious goals by leveraging innovation and technology to reduce greenhouse gas emissions in Colombia and our region", said Magdalena Coronel, CIO at IDB Lab.
Currently, Bia Energy generates over $8 million in monthly sales, with a portfolio of over 3,000 users, including the country's leading companies. This exponential growth – achieved within just two years of launch – combined with technological advancements and a capacity to deliver real solutions to global energy challenges, positions Bia as a dominant force in the sector. As Bia prepares for its next phase of expansion and investment, the company is well poised to stand fully profitable and with an unmatched competitive advantage.
José Caparroso
