Greenely completes £1.6 million in a financing round.

Greenely, a Stockholm, Sweden-based company providing a consumer service for energy use and consumption monitoring, announced raising a financing round of £1.6 million ($2.2M).

The money was raised from backers including Silicon Valley Bank, which contributed with £502k.

Greenely, founded in 2014 by Tanmoy Bari (CEO), Mohammed Al Abassi, and Fredrik Hagblom, is operating a mobile app developed at KTH that helps users keep track of their energy use in the home. The app is provided on a freemium model and it is in use in 115k Swedish households, producing a MRR of roughly $100k as of June 2021 via subscription fees.

Greenely previously secured $2.7M in an investment round backed by ByFounders and Luminar Ventures in 2019.