May 19, 2023, BOULDER, Colorado — With participation from Equal Ventures, Twelve Below, Transition, Equator, MCJ Collective, Abstract Ventures, Founder Collective, and Climate Capital, Odyssey, a business-in-a-box software platform for distributed energy in emerging markets, today announced the closing of its USD 15 million Series A round. The additional capital will be utilized to enhance Odyssey’s primary product offerings and enter new markets, particularly those in Asia and Latin America.
Emily McAteer, co-founder and CEO of Odyssey, says, “Odyssey is at the center of one of the biggest economic and climate opportunities of our lifetimes: the clean energy transition in emerging markets.” Renewable energy is the most excellent option in the future due to several factors, including aging and brittle networks, high fuel costs, and essential policy tailwinds that are accelerating change on a global scale.
Designed to scale project development across the project lifecycle, including planning, financing, procurement, and operations, Odyssey is the only end-to-end platform of its kind. Odyssey has $1.3 billion in funding for distributed renewable energy projects on its platform. This money is provided by development finance organizations, donors, international and regional banks, infrastructure funds, and other funding sources.
Odyssey debuted its online marketplace for purchasing in Nigeria, South Africa, and East Africa earlier this year. Renewable energy enterprises can use Odyssey Procure’s digital, simplified procurement solution to gain access to better pricing, equipment financing, and shorter lead times.
Odyssey enables private and concessional funders to access previously out of reach projects by utilizing their network of more than 2,000 renewable energy enterprises. The platform provides cutting-edge software tools to successfully organize projects, compile portfolios, and streamline due diligence between developers and investors. After projects are completed, renewable energy firms may share asset performance data using Odyssey’s remote monitoring and control hardware and software suite, guaranteeing that investors have complete visibility into investment results.
According to Nick Grossman, partner at Union Square Ventures, “Odyssey is positioned as the system of record for DRE projects in emerging markets by building tools for financiers and renewable energy companies across every stage of development.” “The Odyssey platform presents powerful network efforts that will unlock industry scale and streamlines transactions across all stakeholders.”
Investment in energy infrastructure in emerging nations will need to expand six-fold over the next few years, to $1 trillion per year (BlackRock), to meet net-zero emissions goals by 2050. As of this writing, 70% of the world’s population, mainly in poor nations, only receives 1.5% of total investments. The average transaction size in the off-grid industry, on which Odyssey is focused, tripled over the previous five years.
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