Quick take:
- The startup was founded by former Revolut chief revenue officer Alan Chang and his colleague Charles Orr.
- Tesseract has raised $30 million in traditional equity and $48 million through a private token sale.
- Balderton and Lakestar led the funding round.
Former Revolut CRO Alan Chang and fellow ex-Revoluter Charles O. have raised $78 million for Web3 energy startup, Tesseract. The funding round was led by Balderton and Lakestar, with participation from Accel, Low Carbon, Ribit Capital, Box Group, Creandum and former Formula One racing driver Nico Rosberg.
The fundraise was confirmed over Twitter direct messaging between Chang and The Block. According to The Block, Tesseract has raised $30 million in traditional equity and $48 million through a private token sale. Business Insider first reported the $30 million raise in May.
Chang told The Block that the startup is now valued at $145 million. He left his position of chief revenue officer at Revolut this month after seven years with the company in various operations roles. He founded Tesseract with Charles O., who now serves as the company’s COO. Orr was previously part of the special projects team at Revolut.
Tesseract was founded to generate affordable renewable power and solve climate change. Chang and O. are on a mission to build a terawatt of renewable capacity to power the world.
The May report by Business Insider said that Tesseract intends to buy energy from generators at fixed prices and offer it to consumers via a power purchase agreement (PPA). Tesseract is looking to tokenise the PPAs which will correspond to a right to access power targeted at 1 watt of capacity on the company’s network.
Tesseract’s website states that it offers commission-free energy that is 10 times cheaper and 100% renewable. Other details are scarce. The startup is currently looking to expand its team of 19 employees.
According to its LinkedIn, Tesseract is currently seeking operations managers, project manager, head of grid, director of grid, and business development intern.
Tesseract is not the only Web3 startup using blockchain to contribute to energy efficiency. Efforce, co-founded by Apple’s Steve Wozniak, allows people to fund energy efficiency projects through the purchase of NFTs minted on Polygon, and benefit from the energy savings generated by those energy efficiency projects.
Stay up to date:
