We are delighted to share the news of another exit from the Seedrs portfolio which happened at the end of 2023, making it the 5th exit of the year for Seedrs investors. Bristol-based Sennen has been acquired by Kraken Technologies, the fastest-growing software provider for utilities in the UK.
Seedrs investors invested in Sennen via Sustainable Accelerator in 2018, which offered a diversified portfolio of EIS/SEIS sustainable startups. Sustainable Ventures, who lead the programme, aims to empower the next generation of businesses that are redefining the way we consume energy, manage waste, clean air, and apply smart resource technology.
Part of the Octopus Energy Group, Kraken connects different elements of the renewable energy system, from delivery to operation. Their technology automates a significant amount of the supply chain, including customer billing, which enables Kraken to offer a high level of customer service that was previously unheard of in the energy industry.
They also flexibly manage renewable generation and energy devices, including solar and wind generation, electric cars, batteries and heat pumps. Ultimately, streamlining this process enables Kraken to meet net-zero targets, drive innovation and support efficiency.
The acquisition of Sennen, a software company that uses cloud technology to facilitate the deployment and operation of new infrastructure in the clean energy sector, will further enhance Kraken’s offering. Increasing by six-fold, Kraken’s contracted energy generation will grow from 6.5GW to 36GW. It will also mark a significant step forward as the company will now be managing off-shore wind farms.
Sustainable Ventures is currently raising on Seedrs for Sustainable Accelerator 7, its 7th S/EIS portfolio. Their aim is to invest into 8-10 of the UK’s most innovative startups, chosen for their potential to play an outsized role in the net zero transition while simultaneously delivering strong financial returns to investors.
You can find out more about Sustainable Accelerator 7 here.
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