🇮🇸 Snerpa Power Raises €2.2m in Funding to Accelerate the Decarbonisation of the Energy Sector

We are incredibly happy to announce that Snerpa Power has completed it´s first funding from Crowberry Capital and BackingMinds. This strategic investment round marks a significant milestone as we accelerate our product development efforts and pave the way for international expansion. Our team is growing and we will be looking for diverse talent in the coming weeks and months in the field of software development, data science and business development. Check out the open positions HERE.

Our press release below:

As Power Intensive Industries account for 37% of global energy use and 24% of global CO2 emissions, the need for efficient, automated and sustainable solutions has become imperative to lower CO2 emissions and balance the energy grid. The new investment into SnerpaPower, which was oversubscribed within two weeks and co-led by VC firms, Crowberry Capital and BackingMinds, will be used for international expansion and further product development.

Industry veterans, Íris Baldursdóttir (CEO) and Eyrún Linnet (CTO), founded Snerpa Power in 2022 with the vision of helping accelerate the world’s energy transition. The energy balancing markets stand at a total of around €70bn (2020) worldwide and the need for flexibility services is expected to grow tenfold in this decade alone.

Snerpa Power can unlock the full potential of the power intensive industry, such as metal producers, data centres, hydrogen producers, leading to new revenue streams, increased competitiveness, and cost savings.

INVESTORS:

• “I was so lucky to learn before Snerpa Power was established what Iris and Eyrun were brewing. Without any hesitation I encouraged them to focus fully on establishing Snerpa Power knowing that their strong customer value proposition is built on a long standing industry experience”, says Jenny Ruth Hrafnsdottir, Founding Partner of Crowberry Capital

• “We’ve been looking at investing in the broader Energy space for a while and when we met the co-founders of SNERPA Power, Iris and Eyrun, we were instantly fascinated by their unique insight and combined +40 years of industry experience. Therefore’ it was a no-brainer for us to support two such strong female leaders in their mission to drive the green transition within the energy sector”, says Susanne Najafi, Founding Partner of BackingMinds

FOUNDERS:

• “Power Intensive Industries recognize that energy efficiency and sustainable energy usage are pivotal in maintaining competitiveness within today’s rapidly evolving energy landscape. Ambitious industries want to be a part of the net-zero energy system and the energy system needs them to actively participate. However, new tools and solutions are urgently needed to solve complex challenges and make it attractive and profitable for industries to take part. That’s what Snerpa Power is all about and there are substantial savings for industries to be made.”, says Íris Baldursdóttir, CEO of Snerpa Power

• “We believe that through innovation, automation and digitalization of industrial load there are gains to be created for the benefit of our customers and the energy system as a whole. We partner up with power intensive users to find the optimal solution adapted to their load characteristics, and of course the trends on the electricity market”, says Eyrún Linnet, CTO of Snerpa Power
  

Snerpa Power´s Energy Management System enables companies to leverage real-time data for improved and automated decision-making around electricity consumption, scheduling, contract management and providing flexibility to the grid. By being present in flexibility markets through the software, industries can safely and in a profitable way contribute to grid balancing and stabilisation without jeopardising their core operations.

In an ever-changing energy landscape with a net-zero energy system as the goal, Snerpa Power empowers industries with new strategies for energy management, leading to improved efficiencies, reduced energy costs, and enhanced power system stability overall.

CROWBERRY CAPITAL FUND

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Investment team:

• Jenny Ruth Hrafnsdottir (Founding Partner)
  VC since 2014. Operational experience as VP of Business Dev & Marketing of MIT spinout BionX. Lead Engineer & Product Manager at Ossur hf, CPH OSSR. Jenny holds a Dipl.-Ing. from KIT and has lived in Iceland, Germany & USA.

• Helga Valfells (Founding & Managing Partner)
  VC since 2009. Helga has served on boards of publicly listed companies such as the Iceland Telecom and Islandsbanki and been an advisor to the Minister of Business affairs in Iceland. She has operational experience from Merrill Lynch and Estee Lauder in UK and was the CEO of NSA Ventures. Helga has an MBA from LBS & BA from Harvard and has lived in Iceland, Guinea, USA, UK, Denmark and France.

• Hekla Arnardottir (Founding Partner)
  VC since 2010. Hekla spent 10 years in various operational roles at Össur CPH: OSSR while the company grew from $10 to $350m. She was in charge of all clinical and product testing at Össur and established Össur offices in Shanghai while leading product management in Asia. Hekla is an engineer by trade and studied at University of Iceland and DTU and has lived in Iceland, Denmark, Germany and China.

• Hrafnkell Ásgeirsson (General Counsel)
  Qualified lawyer in Iceland. Joined Crowberry in 2023 after 4+ years with Iceland’s largest law firm, focusing on venture capital.

Investment approach of Crowberry Capital:

Crowberry Capital is a venture capital firm based in Iceland and Denmark that invests in seed and early-stage startups across the Nordics. Crowberry has a strong follow-through strategy and commits to putting your company first, as the strong and growing portfolio evidences. With the second fund of €90M, Crowberry is looking to partner with the next generation of tech leaders in the vibrant Nordic tech ecosystem, which we believe everyone should have the opportunity to be part of. We are looking for companies that are solving real problems and making a positive impact on the world.

Crowberry Capital’s II fund:

• Focus: Crowberry Capital is a Nordic seed and early stage venture fund.

• Size: €90m fund (European Investment Fund (EIF), nordic pension funds, The Danish and Icelandic Sovereign Wealth Funds (EIFO & Kria), family offices,)

• Deployment: 40% on new investments and 60% on follow-up investments

• Focus: Nordics

• Deals per year: 8-10 deals per year.

• Fund investments: 30 investments throughout fund lifecycle

• Investment range: €500.000-€2.000.000 on initial investments.

BACKING MINDS FUND

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Investment team:

• Sara Wimmercranz (Founding Partner)
  Awarded Sweden’s most influential tech investor by Dagens Industri, co-founder of Footway, Dragon in Sweden’s version of Dragon’s Den

• Susanne Najafi (Founding Partner)
  Awarded Sweden’s most influential tech investor by Dagens Industri, ranked #1 at 40 under 40’s list of Sweden’s Top Tech Founders by DI and #1 of Sweden’s 100 most Inspiring Leaders, Susanne has been awarded Pioneer of the Year by His Royal Highness for her work to democratise venture capital.

• Sara Resvik (Managing Partner)
  Ex-Industrifonden and Schibsted & Ex-Board of Fyndiq, DPOrganizer, and Formulate

• Jasenko Hadzic (Principal)
  Ex-CEO & Co-founder of Tame, facilitated investments into some of DK’s largest exists, Board of Serviceform + Skrym

Investment approach of BackingMinds:

• BackingMinds follows user trends and behaviour to find the biggest problems in need of solutions, in underinvested areas.

• We find and back high-performing founders outside the networks of traditional venture capital.

• We provide money and roll-up our sleeves with hands-on support from hiring, expansion, sales etc. and the international network of ours and our investors.

The BackingMinds II fund:

• Focus: BackingMinds is the only venture capital firm in Europe with a unique focus on “blind spots”

• Team: The team most consists solely of former operations (many other VCs are former bankers)

• Size: €50m fund (no institutional investors, only family offices and strong successful individuals and company builders)

• Deployment: 60% on new investments and 40% on follow-up investments

• Focus: Nordics, but can invest across entire Europe except the UK.

• Deals per year: 2-5 deals per year.

• Fund investments: 20 investments throughout fund lifecycle

• Investment range: €500.000-€3.000.000 on initial investments.