Dexter Energy secures €10.5m in Series B funding to further accelerate the energy transition towards a fully renewable power system
Amsterdam, April 18th, 2023: Rockstart, early stage VC - accelerator, announces its co-investment in Dexter Energy, a startup providing AI-based renewable power generation forecasting and trade optimization products for the short-term energy markets. The €10.5 million Series B round is led by ETF Partners and Astelia, with continued participation from existing investors Rockstart, Newion, and PDENH. The company intends to use this new capital to fast-track its product roadmap and assemble its services into a complete self-serve cockpit which will allow its customers to further balance their renewables portfolio. To achieve this goal and to further support the expansion into new European markets, Dexter Energy aims to double the size of the team by the end of this year.
Dexter Energy’s solution leverages advanced machine learning algorithms and big data analytics to help energy companies manage their short-term trading activities for a 100% renewable portfolio.
The transition to renewable energy sources causes drastic changes in electricity markets. Where previously a select number of fossil fuel plants provided electricity on-demand, green power now flows only when the sun is shining or the wind is blowing. This is disrupting the way energy companies trade and balance power, increasing their balancing costs by 60% in 2022 alone, reaching an eye-watering €20bn. These costs are only expected to skyrocket further, as the percentage of wind and solar electricity supply in Europe is expected to grow from 22% in 2022 to 65% in 2030.
We are very happy to welcome ETF Partners aboard who share our vision of transforming the energy sector with AI. We really value their entrepreneurial mindset and ongoing leadership in sustainable investment. We see them as a fantastic sparring partner and we are confident they will help guide the growth of our company in the best possible direction.Luuk Vekeen, CEO and co-founder, Dexter Energy
We believe that Dexter Energy has created a category-defining solution that is going to transform the way in which companies forecast and manage their energy generation and the way they trade. We are fascinated by the innovation displayed by the team and we are confident that they are in pole position to become leaders and positive actors for change in the energy industry. It is inspiring to join and support a purpose-driven team and to actively contribute to reducing emissions and eliminating millions of tons of CO2 through the Dexter smart approach that solves imbalances in the grid.Remy de Tonnac, Partner at ETF Partners
Balancing the energy system will become a more significant challenge with the expected increase in renewable, but intermittent, energy sources. Dexter's AI-based software platform will play a crucial role in reducing system imbalances by providing best-in-class renewable generation forecasts and optimizing energy trading decisions. Rockstart is thrilled to participate in this Series B round, which will enable the company to accelerate the scaling of their business across Europe.Max ter Horst, Managing Partner Energy, Rockstart
Newion feels privileged to be part of this journey. We think that Dexter Energy’s extremely talented team, with the help of its supportive investors, has the opportunity to disrupt a market that is in full transformation.Patrik Polak, Co-founder and Managing Partner, Newion
Dexter Energy is a leading European provider of AI-based power generation forecasting and trade optimization solutions. The company was founded in 2017 and is based in Amsterdam. Their customers include innovative energy companies like Axpo, Greenchoice, GigaStorage, NieuweStroom, Scholt Energy, and Pure Energie.
Founded in 2006, ETF Partners supports talented entrepreneurs and management teams with investment capital and experience. Our funds come from institutional investors, global corporations, and family offices. We create value by investing in technology companies that make a difference. We call it Sustainability through Innovation.
Based in Amsterdam, Newion focuses on European business-to-business software startups and scale-ups with global ambition and has been among the best-performing fund managers in its industry since its launch in 2000. Newion has invested in more than 60 startups, including Collibra, Foleon, CustomerGauge, L1NDA, Swipeguide, Deliverect, APICBASE, ValueBlue, Mediatool, Objective Platform, Filestage, Salonkee, Dexter Energy and Passendo and has exited Oxxio, Reasult, Mirror42, Q-go, 24iMedia, Roadmap, and Nallian, among others. Newion III is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI), set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to finance.
About Rockstart
Rockstart is an early stage investor that empowers purpose-driven founders across three domains: Energy, AgriFood, and Emerging Technologies.
Rockstart invests in early-stage startups from each of the three funds and provides access to capital, market, and expertise by connecting founders with co-investors, mentors, partners, corporates, and the wider Rockstart network.
Rockstart has invested in more than 350 startups and its alumni value to date is more than €1.7bn. Rockstart is an international team of 45+ professionals dedicated to empowering purpose-driven founders to become scalable and drive positive change on a global scale. Rockstart has notable exits such asWercker, Dan.com, Hubs.Com, Bouw7, iClinic, and s and Brincr. The company has offices in Amsterdam, Copenhagen, and Bogota.
Contact details
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- Felipe Santamaria
- Managing Director, Rockstart LatAm
- felipe@rockstart.com
- +57 318 3866940
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