SPAN secures $96.5M in Series B2 funding
SPAN, the leading innovator in home electrification technology, today announced a Series B2 fundraise of $96 million, bringing the company’s total funding to $231 million. The round was led by Wellington Management and included investors such as Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, among others. The capital will be used to further SPAN’s leadership in the home electrification space by accelerating its research and development capabilities and continuing to expand its partnership reach to new categories, including major home appliances, smart home devices, and grid integrations.
This funding supports SPAN’s plans to extend its integration to every high-energy load in the home. Through partnerships with major home appliance brands, such as Kenmore, and leading solar and storage providers, such as Sunrun, the company continues to build upon the industry’s most integrated whole-home electrification technology – providing homeowners the ultimate experience with maximum value in savings, comfort, control, and resilience.
SPAN is further strengthening its technological leadership by developing a state-of-the-art research and development facility near their headquarters in San Francisco. The facility will enable advanced product testing in a microgrid environment that can emulate multiple on-grid and off-grid scenarios, helping accelerate new product and feature development. The company is also investing heavily in human capital by hiring software and hardware engineering talent focused on system modeling and controls, forecasting, DER integration, enhanced grid service capabilities, and machine learning. Since 2018, SPAN has grown to a team of over 220 employees and was recently recognized by Forbes as one of the top five best startup employers in the U.S.. SPAN was previously named by Fast Company as one of their 2022 “The 10 Most Innovative Energy Companies.”
“Consumers are rapidly electrifying their homes with electric vehicles, heat pumps, and induction stoves and increasing their resilience to grid outages by adopting solar and batteries,” said Greg Wasserman, Head of Private Climate Investing at Wellington Management. “These technologies can strain a home’s existing electrical supply. SPAN’s innovative products dynamically manage circuits in real-time and can avoid expensive utility service upgrades for millions of homes. We are excited by SPAN’s growth and partnership development and are expanding our investment in their journey to provide the best home electrification experience.”
“We are grateful to our investors who support our vision to decarbonize the residential sector,” said Arch Rao, Founder and CEO of SPAN. “At SPAN, we are focused on empowering homeowners to become part of the climate solution by offering technology and customer experience that significantly simplifies the adoption of a cleaner, all-electric lifestyle. By developing a fully integrated, open ecosystem that puts the consumer in control of every aspect of their home, SPAN is positioned to be the conduit between electrified homes and the grid that we need in order to achieve our electrification goals and ensure a clean, reliable grid.”
SPAN’s mission is to enable electrification for all – aiming to electrify 10 million U.S. homes by 2030. Thanks to the Inflation Reduction Act, more Americans can access SPAN technology to electrify their homes without the cost and hassle of a utility service upgrade. This helps SPAN reach homeowners who will benefit the most from electrification through energy savings, added resiliency, and enhanced safety.
SPAN’s success began with its category-leading smart electrical panel that helps homeowners adopt rooftop solar, battery backup, electric vehicles, and electric home appliances by giving consumers more control, the best in battery backup resilience, and unparalleled energy intelligence of their home’s energy. SPAN began selling SPAN Panel in 2020 and its award-winning SPAN Drive EV charger in 2022. In 2022, the company grew its revenue nearly 600% and its products have been installed in 47 U.S. states (available in all 50). Nearly 80% of SPAN product owners have adopted clean energy and home electrification products such as solar, battery storage, or an electric vehicle in their homes. With this new tranche of funding, SPAN will continue to revolutionize home electrification and accelerate the pace for decarbonization of the U.S. housing market.