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

Greenely, a Stockholm, Sweden-based company providing a consumer service for energy use and consumption monitoring, announced in a press release that it secured EUR 2.5M ($2.7M) in capital investment.

The funding was supported by Nordic investors, including the Danish from byFounders and the Swedish backers Luminar Ventures and angel Christoffer Rutgersson.

The new capital will be used to grow the team, develop the product, and make the company more available both in Sweden and internationally.

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 free to download, has 80000 registered users and it can completely automatically give all Swedish households, regardless of electricity company, full control of their electricity usage.

Additionally, Greenely provides their users with the option to purchase renewable electricity directly through the app, as it transitions its business model from B2B licensing the product to retail player in the energy market.

Prior to this announcement, Greenely raised $1.8M.