ImpactAlpha, May 2 – New York-based Sealed offers homeowners customized energy retrofits including insulation, air sealing, smart thermostats and heat pumps at no up-front cost. The company gets paid based on the amount customers save on energy costs, which can be up to 50%. It works with contractors, technology providers and utilities to simplify the experience for homeowners.
“We try to make it easy and affordable,” Sealed’s Lauren Salz told ImpactAlpha. “Our biggest competition is people doing nothing.”
The company grew 350% last year, buoyed by growing customer demand and a fivefold increase in heat pump installations. Home energy use accounts for 20% of total U.S. carbon emissions.
Room to grow
The $29.5 million Series B round was led by Fifth Wall Climate Tech with participation from Robert Downey Jr.’s FootPrint Coalition, CityRock Venture Partners and other investors.
Sealed will use the funding to expand from its base in the Northeast U.S. and double its staff, said Salz.