A Techstars Social Impact Accelerator graduate finished off the month of May with a $2,153,485 equity round and is ready to take on supply chain management in the EnergyTech space.
Durham-based EnMass Energy looks to simplify the supply chain for energy businesses by connecting data from suppliers, transporters, trucking companies, processors, procurement partners, and last-mile delivery services.
Andrew Joiner, EnMass Founder and CEO, said the tech platform sits at the intersection of waste management, agriculture, and energy markets.
Joiner told Hypepotamus that the team entered the waste-to-energy space after pivoting from a focus on helping developing countries turn waste into feedstock. “We had to pivot from building projects to building a tech platform when our private equity investors couldn’t de-risk the supply chain of the $50M portfolio of projects we were funding. It was obvious there was a market need for waste-to-energy specific software that provided hard data analytics and operational oversight of project supply chains; so we got to work on filling that gap in the market.”
The team is also building out an online marketplace for waste-to-energy procurement and is providing more reliable transit time tracking, according to the company’s website.
While the pandemic forced the team to focus on local customers, Joiner added that “we were happy to find during discovery with our domestic customers that the problems we were originally solving for our own international projects are problems that waste-to-energy companies face regardless of location or level of project complexity.”
EnMass is headquartered in Durham, though many of its employees are in the Boulder satellite office.
EnMass Energy participated in Atlanta’s Techstars Social Impact 2020 cohort. While the pandemic hit in the middle of the accelerator, Joiner added that Techstars was a “game-changer” for testing the product and connecting to larger clients.
“We have some great customers that we’re looking to provide more services for, and more potential customers than we can currently support. Our recent fundraise is allowing us to scale our team, our tech, and almost all aspects of our operations. We’re really excited for the support from our investors and we’re ready to scale even further in the coming months!” Joiner said.
The funding raise follows several big CleanTech and EnergyTech headlines across the Southeast, including the news that Louisville-based Climavision just raised $100 million to better understand weather patterns.