● Piton Capital, the network effects investor, and Illuminate Financial, leading VC for financial markets technology, lead Series A round, with participation from existing investors 10x and Cherry Ventures
● enmacc wins its 200th customer and grows by over 200% YoY in 2018
enmacc, Europe’s fastest-growing energy trading platform, has closed a EUR 7 Million Series A led by technology and network effects investor Piton Capital, with participation from Illuminate Financial, a specialist financial markets technology investor. Existing investors 10x, Cherry Ventures, as well as business angels participated in the round. The financing will be used for further investment in its proprietary technology as well as to fund enmacc’s continued expansion across Europe and beyond.
Greg Lockwood, Partner at Piton Capital, and Jan Becker, Partner at 10x, will join the advisory board of enmacc.
‘enmacc has demonstrated impressive growth both regarding technology as well as market adoption,’ said Greg Lockwood.
‘What Jens and the team have developed over the last three years is hugely impressive. We’re excited to be working together on their vision to build the global software
market leader for future wholesale energy trading.’
‘Piton Capital is an ideal partner as we continue to scale our business globally,’ said Jens Hartmann, Co-Founder and CEO of enmacc. ‘We’re excited to have a partner on board that provides us not only capital but also vast strategic experience in building marketplaces.’
‘One example of the increasing complexity in the energy markets is the shift towards more market participants and increasing price volatility. This development is mainly driven by sustainable energy sources. On the other hand, energy trading markets are emerging worldwide. To evolve those markets, enmacc and its trading technology are in a unique position to create liquidity,’ said Alexander Ross, Investment Director at Illuminate Financial. ‘Simultaneously the incumbent vendors are failing to deliver the technology innovation required to deal with these changes. Illuminate is
excited to partner with enmacc on the continued development and scaling of this impressive platform.’
Founded 2016 in Munich, enmacc delivers a leading next-generation trading platform for the energy industry. Its clients benefit from the simplest and most cost-efficient access to professional energy trading. enmacc grew with over 200% YoY in 2018 and welcomed its 200th active customer on the platform. The company is using the funds of this round for continued aggressive expansion through
Europe, as well as preparation to roll out the technology in other markets around the globe. In addition to power and gas trading, enmacc will soon offer additional products and commodities.
enmacc is Europe’s fastest growing digital OTC energy trading platform and digitizes the energy trading from end-to-end. Market participants gain speed, efficiency and security. More than 200+ companies and over 800+ active traders already use the continuously growing enmacc network of energy suppliers, industrial companies, energy trading houses and municipal utilities. All clients can benefit from attractive and competitive prices thus gaining more market opportunities, liquidity as well as new business potential. enmacc customers can use two trading screens: entender and enmarket. entender is the independent and largest RFQ platform for standard and non-standard energy products in Europe. enmarket is the independent price screen and open marketplace for the bilateral one-click trading of power & gas standard products. Complete documentation and complete, audit-proof archiving of all trading activities on the platform take place automatically as a seamless end-to-end process and guarantees trading and process security on all sides. enmacc was founded 2016 and is based in Munich.
For more information, visit www.enmacc.com
About Piton Capital
Piton Capital is a venture capital and growth equity firm based in London. It focuses on investments in online businesses with network effects, such as marketplaces and exchanges. Piton’s portfolio includes companies like Auto1 Group, Manomano, DocPlanner, Fanduel (merged with PaddyPower Betfair), Watchfinder (sold to Richemont), Quandoo (sold to Recruit), Treatwell (sold to Wahanda),
and DutyCalculator (sold to Borderfree).
For more information, visit https://www.pitoncap.com/
About Illuminate Financial
Established in 2014, Illuminate Financial Management (Illuminate) is a London and New York based specialist venture capital fund focused on enterprise fintech and software solutions for institutions in financial markets. Our deep networks and partnerships with key industry participants including banks, infrastructure providers, buy-side and wealth managers, allow us to gain real insight into
what the industry needs, and help the companies we back achieve their full potential.
For more information, visit http://illuminatefinancial.com/
We are four serial entrepreneurs who invest our own money in founder teams in Europe and Silicon Valley. We have ourselves founded and built seven companies with operations in over 30 countries on all six continents and have already exited 3 of them (the others still growing). As angel investors, we have invested into more than 100 founder teams across Europe and the US, usually going in early as we can help best with our own entrepreneurial experiences in those stages. As we only invest our own money we can be fast and unconventional.
You will find a selection of our investments here: http://www.10x.group/
About Cherry Ventures
Cherry Ventures is a Berlin-based Venture Capital fund, founded by entrepreneurs for entrepreneurs. The fund is managed by Filip Dames, Daniel P. Glasner, and Christian Meermann and provides seed and early-stage investment for the best ideas and teams across Europe. Cherry Ventures offers portfolio companies a platform with funding and know-how as well as access to a network of the most successful start-up entrepreneurs in Europe. Since its launch in 2012, the Cherry Ventures I fund has successfully invested in more than 20 companies and generated more than EUR
2bn in shareholder value. Auto1 Group, Flixbus, Lesara, Quandoo, Watchmaster, and Amorelie are part of the Cherry Venture portfolio, among others.
For more information, visit http://www.cherry.vc/
Further information and logo: https://www.enmacc.de