Smart thermostat maker Mysa raises C$20.3m in Series B round

St. John’s, Newfoundland-based smart thermostat company Mysa has raised C$20.3 million in Series B financing to support its growth plan.

St. John’s, Newfoundland-based smart thermostat company Mysa has raised C$20.3 million in Series B financing to support its growth plan. The round was led by Cycle Capital Management, with participation from Round13 Capital’s Earth Tech Fund, Climate Innovation Capital, BDC Capital’s Cleantech Practice, Export Development Canada and Killick Capital.

PRESS RELEASE

St. John’s, NL — FOR IMMEDIATE RELEASE – NOVEMBER 3, 2021 — NL-based smart thermostat company Mysa announced today the closing of a $20.3 million Series B equity funding round led by Cycle Capital. Co-investor Round13 Capital, through its Earth Tech Fund, joins the mission-focused syndicate, including Climate Innovation Capital and BDC’s Cleantech Practice, as well as existing investors Export Development Canada and Killick Capital.

The funding will support Mysa’s mission to fight climate change through the continued development of market-leading energy efficiency hardware and software, the creation of future-focused Demand Response solutions for electrical utilities, and the expansion of Mysa’s marketing and distribution channels on an international scale.

“We have been tracking Mysa closely for the past several years and have been impressed with the adoption rate of their products by consumers and the impact their smart thermostats have on climate change. Mysa’s ability to innovate and bring new products to market in high growth sectors has been a recipe for success and we look forward to supporting them along their journey. We are also excited to collaborate with Round13 who worked closely with us during the diligence period and offer extensive expertise in the consumer space,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.

“Mysa is leading the high voltage thermostat market, having built an impressive Baseboard product and extending that leadership to In-Floor Heating and Air Conditioning,” said Craig Strong, Partner at Round13 Capital. “We are seeing a dramatic shift in attitudes where consumers, governments, and utilities are no longer willing to accept energy waste, and recognize Mysa’s ability to not only help the environment but generate meaningful savings at the end of every month. Consumers are also increasingly looking to round out their smart home, and the Mysa Smart Thermostat is a must have.”

“Working with groups like Cycle Capital and Round13 who share our vision and values related to creating a low carbon future is a huge milestone in Mysa’s growth. With their extensive experience in the energy efficiency and demand response sector as well as broad experience in the consumer space, Cycle Capital and Round13 bring a lot of value to the table. This significant investment will help us empower homeowners to reduce their energy consumption. It will help us continue to grow our local and provincial economy through job creation and skill retention in our booming tech sector. It furthers our mission to create innovative solutions based on the electrification of heating and cooling, that will help the energy systems of tomorrow move toward decarbonization,” said Josh Green, Co Founder and CEO of Mysa.

About Mysa
Mysa’s mission is to fight climate change by creating energy-efficient smart thermostats for electric home heating and cooling. A leading employer in the tech sector in Eastern Canada and a rising star in the smart energy product industry in North America, Mysa’s diverse, Newfoundland and Labrador-based team is growing rapidly, as is their ecosystem of energy-saving smart thermostats for electric heating and cooling. Keep watching Mysa in 2021 and beyond as they make change comfortable by helping customers save energy and reduce their electricity bills.

To learn more about the company, visit getmysa.com