Cipio joins West Coast Capital-led round for Onzo

Onzo will use the fresh capital to invest in product development and expand its team, with a view to increasing its international client base.

Following the deal, Steven Daniels will be appointed as non-executive director of Onzo. Daniels joins the business after four years with former LDC portfolio company Matrix, the energy management and efficiency services provider acquired by E.ON Connecting Energies in September 2013.

The investors stated they were attracted by the company’s management team and the growing popularity of energy smart-meters in the consumer market.

Previous funding
According to unquote" data, Onzo raised its first round of funding in March this year, when Sigma Capital and Scottish & Southern Energy each invested £1m in the company. Cipio then took part in a £1.4m round for the business in June, in order to support product development and the expansion of its US operations.

Company
Headquartered in London and founded in 2007, Onzo is a provider of energy data analytics software. The business, which recently launched its new application, Highly Personalised Energy Advice, has clients across the UK, mainland Europe and the US.

People
Christoph Wedegaertner is a partner at Cipio. Eddie Minshull is chairman of Onzo. Paul Davidson is a partner at West Coast Capital.

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