Energy disruptor appoints KPMG to lead its £50m Series B fundraise

Dr Somayeh Taheri

Manchester-based energy disruptor, UrbanChain, has appointed KPMG to lead its £50m+ Series B fundraise.

Last month the business, led by CEO Somayeh Taheri and focused on energy consumption and distribution, announced plans to roll-out its model in the United States.

With 10x revenue growth in the past 12 months, UrbanChain says new funding will continue to deliver exponential growth in the UK and enable its proven model to be rolled out internationally, including the US and Europe.

Its growing pipeline also includes EVs, electric heating systems and grid management, which could lead to the company securing unicorn status.

Energy veteran Graeme Cooper was recently hired to lead the US expansion and is already engaging with regulators and potential partners across three states.

The KPMG Series B appointment comes days after Deloitte named UrbanChain third fastest growing UK tech company, with 8.810% over the past three years.

Somayeh Taheri said her company’s mission is making clean energy accessible for all by creating local energy markets across boundaries and described appointing KPMG as partner for the Series B push as “another critical step in our journey”.

She said: “Our growth during 2024 from £2.5m to £25m has been profitable – but this is just the beginning. UrbanChain are the future of electricity markets and our partnership with a global firm like KPMG will ensure we are positioned to attract strategic investors who share our vision for a sustainable, decentralised energy ecosystem throughout the world.”

She added: “With UrbanChain now a live energy supplier, operating as UC Energy, the window of opportunity is widening.

“The Series B funding round will enable UrbanChain to accelerate growth into new markets, including Europe, enhance our technology by further optimising its AI and blockchain capabilities, boost our customer base and drive sustainability goals toward a carbon-neutral future.”

Backed by investors including European investment group, Eurazeo, UrbanChain’s team has increased from 10 to 65, and will end the year with 75.

UrbanChain creates local energy markets to decouple buyers and sellers of energy from the wholesale market and stabilise the price for both parties, as well as a balanced and autonomous local markets.

Somayeh said: “UrbanChain’s proven model has been tested through major global stress events, including the war in Ukraine. Having been granted an electricity supply licence by Ofgem in June, we now have all the ingredients required to serve our local energy markets.”

KPMG will be looking to find the right partners to be part of UrbanChain’s next phase of growth. Patrick Molyneux, KPMG Acceleris Partner, venture fundraising for high growth founders, said: “UrbanChain are a true Manchester and UK success story.

“They’re on a mission to change electricity markets. And we are delighted to support UrbanChain as they scale their operations and attract the investment needed to further their groundbreaking work in renewable energy.

“UrbanChain are a key player in the global shift towards renewable energy solutions, making them a compelling investment opportunity.”

Close