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Tuesday, March 19, 2024

Swedish VC firm CREANDUM invests in former Revolut executives’ climate tech startup

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CREANDUM, the venture capital firm based in Stockholm, participated in the first funding round of the London-based renewable energy startup Tesseract Energy. The $78M round was led by Balderton Capital and Lakestar with the participation of Accel, Lowercarbon Capital, Ribbit, BoxGroup, and angel investors like DST Global’s Tom Stafford, Index VenturesMartin Mignot, and Formula 1 world champion Nico Rosberg. The startup offers 100% renewable and commission-free energy. The funding will allow Tesseract to buy and build selected renewable energy assets and support the development of the Tesseract platform.

Tesseract was founded by Alan Chang and Charles Orr to generate affordable renewable power and solve climate change. Earlier, they were employees of the British fintech Revolut which they took from a small startup to a $33bn fintech success and turned the company profitable and raised over $500M in venture capital. Now, The plan for Tesseract is to do the same thing in energy. Their mission is to build a terawatt of renewable capacity to power the world.

CREANDUM, Tesseract, Alan Chang“We started an energy company because it can solve two of the greatest problems the world faces: rising energy prices and climate change. While at Revolut, we saw how ageing incumbents and broken business models held the system back, and how modern technology and an open-minded approach helped consumers worldwide. The energy industry plays a fundamental role in people’s lives yet regularly leaves customers dissatisfied. It is ripe for disruption in the same way as the banking sector was.” states  Alan Chang, co-founder and CEO at Tesseract.


CREANDUM, Tesseract, Charles Orr“For too long, people have been at the mercy of an inefficient energy industry, run by vested interests. Investment in innovation and green energy is minimal and a fig leaf for business as usual. As prices across Europe rise, we are seeing opportunities to challenge this establishment, and we have the technology and vision to take on this industry.” says Charles Orr, co-founder and COO at Tesseract.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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