Piclo to raise a £4.7M Series A funding round led by the Clean Growth Fund.

Piclo, a London, UK-based developer of a B2B electricity marketplace, announced securing £4.7 million ($6.6M) in series A equity funding.

The money was raised from investors led by the Clean Growth Fund, joined by Mott MacDonald Ventures and the Green Angel Syndicate.

The company says that the investment in Piclo is strongly linked to Mott MacDonald’s ‘Net Zero’ strategy, which includes a toolkit that helps non-energy clients decarbonise their electricity supplies and deliver a sustainable transition towards new energy market design.

Piclo, founded in 2013 as Open Utility by Alice Tyler, Andy Kilner and CEO James Johnston, is operating an energy trading platform that connects buyers and sellers of energy, as it enables electricity networks to buy flexibility services from flexibility providers that support network resilience, defer grid reinforcement and advance network reliability. The companhy is in use by four of the UK’s distribution network operators including UK Power Networks who awarded £14M of flexibility contracts via the Piclo platform in 2020.