Gorilla raises €23M in Series B fundraising round led by Headline

June 12, 2024

Gorilla raises €23M in Series B fundraising round led by Headline

The funding will ensure the company's continued growth as we look to push into key markets in the US & Germany and equip energy retailers with the tools they need to manage their data challenges.
June 12, 2024

Gorilla raises €23M in Series B fundraising round led by Headline

June 12, 2024

Gorilla is delighted to announce the close of our €23M Series B round, enabling our continued expansion worldwide. The investment is led by global venture capital firm Headline, with support from existing investors Beringea and the Flemish investment company PMV.

In recent years, the energy sector has faced an exponential increase in data processing needs. The proliferation of smart meters, market regulations, and increasingly volatile energy supply chains have led to overwhelming challenges when it comes to understanding and utilising data.

Outdated IT solutions and a fragmented data landscape have contributed to slow, inefficient processes that are reliant on manual effort. Insights from data are not being activated, with teams unable to react quickly to market changes and innovations in product offerings being held back.

Gorilla's solutions help utility companies maximise efficiency, unlocking much faster and more accurate results for teams in pricing, forecasting, and portfolio analysis. Our cloud-based data processing platform can handle enormous amounts of energy data, enabling energy companies to achieve significant performance improvements compared to the current generation of on-premise solutions and overreliance on spreadsheets.

Gorilla is already helping known energy retailers in the UK, Germany, the US, and Australia. Major customers include Centrica Business Solutions, ScottishPower, Shell Energy, Gas South, SouthStar, Synergy, Drax, and ENGIE. Thanks to Gorilla, Centrica managed to reduce complex quote generation for its business customers from multiple days to under 3 minutes.

“No one knows what the energy sector will look like 10 years from now. But in the path forward, innovation is key. This investment into Gorilla will help energy retailers across the globe become more agile in their commercial offering while pushing or getting pushed towards net zero.  
This funding supports our expansion into major markets like the U.S. and Germany, where the energy landscape is rapidly evolving and seeing increasing demand for data-driven solutions. Take Texas, for example—electricity prices in Houston have risen by nearly 16% over the past year, with Texans paying twice as much for electricity compared to pre-pandemic prices. Since 2022, prices have remained volatile despite the low cost of the natural gas that powers much of the grid, meaning consumers have continued to experience instability in delivered prices for residences.”

Ruben Van den Bossche, Co-founder and CEO of Gorilla.

“The transition to renewable energy sources, with intermittent and weather-dependent generation, results in higher grid volatility. The timing of energy consumption is crucial. Gorilla helps energy providers navigate this increased complexity. They are delivering the missing piece needed to better synchronize supply and demand. With Europe at the forefront of renewable energy generation, Headline believes that globally leading software solutions for the energy market will emerge from this region, and Gorilla is a prime example,”

Jonathan Becker, General Partner at Headline.

“Gorilla is perfectly positioned to address energy retailers’ growing pain points, directly supporting them in the energy transition, and it is quickly becoming an industry standard. The growth that the team has delivered since Beringea’s initial investment has been exceptional. We are, therefore, excited to participate in this round and strengthen our support for the company in its next phase of growth.”

Piotr Bukanski, Investment Manager at Beringea

“Convinced of the added value of Gorilla technology and the growing importance of data analytics in the utilities sector, PMV was one of its early investors. We believe very strongly in Gorilla's international potential and therefore welcome this Series B round that should enable Gorilla to accelerate the roll-out of their technology and become an international leader.”

Roald Borré, Group Manager Equity Investments at PMV

With existing offices in Austin, Antwerp, London, and Melbourne, Gorilla’s further expansion across the U.S. and Europe will increase our impact on the energy industry across the globe.

About Headline

Headline is a VC firm actively on the ground in 7 cities around the world. We invest across geos, leading rounds at every stage. Our Early Stage Funds are based in the US, Europe, Asia, and Brazil, and invest locally. Our Growth Funds invest globally from Series B and beyond. Former and current Headliners include Mistral AI, Sonos, Raisin, Pismo, Fetch, Segment, Staffbase, Scopely and Bumble.

About PMV

As an investment company, PMV is building a sustainable Flemish economy, the engine of our prosperity and well-being. We are the partner of ambitious companies and projects, committed to social impact and financial return. PMV finances promising companies from the very start, through to growth and internationalisation. PMV offers tailor-made financial solutions to all entrepreneurs with a good business plan and a strong management team. It does so with capital, loans and guarantees. It also realises, with and for the government, and other partners, projects that are important for prosperity and well-being in Flanders. PMV has a portfolio with 1.8 billion euros under management.

About Beringea

Beringea is a transatlantic venture capital investor with more than $900m under management. It seeks to create lasting success for rapidly scaling entrepreneurial companies, with a portfolio of more than 60 high-growth companies across the UK, North America, and Europe.

With 30+ employees across offices in the US and UK, we provide patient and intelligent capital and a global footprint to back founders throughout their journey, helping them overcome barriers to scale and build international success stories.

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