London-based energy transactions company tem has raised a $75 million in Series B funding to accelerate its effort to modernize how electricity is bought and sold and to build what it describes as transaction infrastructure for the energy market.
The financing was led by Lightspeed Venture Partners, with strategic participation from Hitachi Ventures, Voyager Ventures, Schroders Capital, and Allianz. tem said existing investors AlbionVC, Atomico, and Revent also participated.
tem positions its platform as a way to reduce friction and cost in energy markets by rebuilding the transaction layer that sits between buyers and sellers. In the company’s announcement, tem argued that beyond production and consumption, “a missing third component” in the power system is transaction costs, and said it is rebuilding that transaction layer directly between “real buyers and real sellers.”
The company said the new capital will help it scale its platform and expand its reach as it works with businesses and generators seeking more transparent pricing and lower overall costs. tem added that it is now powering thousands of sites across the UK.
Coverage of the raise has characterized tem’s ambition as becoming the “Stripe of energy,” pointing to its focus on creating standardized rails for energy transactions.
