Smart home energy company Dcbel raises $50m in Series B deal

• Investissement Québec also participated in the round
• Pierre Larochelle, co-managing partner of Idealist Capital, will join Dcbel’s board of directors
• The funds raised will enable Dcbel to accelerate delivery of its home energy station within its targeted territories

Dcbel, a Montreal-based smart home energy company, has closed a Series B financing, raising $50 million.

Existing investors Volvo Cars Tech Fund, Coatue Management, Kevin Mahaffey and Real Ventures were joined in the closing by deal leader Idealist Capital, a Canadian energy transition venture capital firm. Investissement Québec also participated in the round.

Earlier this year, Dcbel announced an investment by Volvo Cars Tech Fund, the corporate venture capital arm of Volvo Cars.

Pierre Larochelle, co-managing partner of Idealist Capital, will join Dcbel’s board of directors.

Founded in 2015, Dcbel helps homeowners to take control of their energy by leveraging renewable assets, such as solar panels, stationary batteries and their electric vehicle, to avoid blackouts, save money when energy prices peak and earn money while contributing to the stability of the grid.

The funds raised will enable Dcbel to accelerate delivery of its home energy station within its targeted territories.

“Dcbel will greatly benefit from welcoming a distinguished group of investors,” said Marc-Andre Forget, CEO of Dcbel, in a statement. “This funding positions our company to accelerate our growth and is a testament to the strength of our team, product and traction. We are proud of bringing to market a sustainable solution to accelerate the energy transition and give homeowners control over their energy.”