Quilt Secures $20M to Scale Heat Pump Sales Nationwide
▼ Summary
– Quilt, a California-based startup, has raised $20 million in a Series B funding round led by Energy Impact Partners and Galvanize.
– The company previously raised $33 million in a Series A round announced in April 2024, and new board members include Veery Maxwell and former Nest CFO Tom vonReichbauer.
– The new funding will be used to expand the company’s geographic footprint, as it has already installed nearly 1,000 units across 16 U.S. states and five Canadian provinces.
– Quilt is challenging established heat pump manufacturers by focusing on a software- and design-first approach to its products.
– This strategy includes using over-the-air updates, one of which improved the performance of installed units by more than 20%.
A California-based company making waves in the home climate control sector has secured significant new capital to fuel its national expansion. Quilt, the Redwood City startup known for its stylish and customizable heat pump systems, recently closed a $20 million Series B funding round. This latest financial injection follows a substantial $33 million Series A round that was announced just a few months ago in April 2024.
The investment was spearheaded by Energy Impact Partners and Galvanize. Several other firms joined the round, including Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. As part of the deal, Veery Maxwell from Galvanize will take a seat on Quilt’s board. The board will also welcome Tom vonReichbauer, the former Chief Financial Officer of smart home pioneer Nest. This appointment aligns with Quilt’s team composition, as many of its employees, or “Quilters,” previously worked at Nest.
The fresh capital is earmarked for a major scaling effort. According to a statement from co-founder and CEO Paul Lambert, the company plans to significantly broaden its operational reach. To date, Quilt has successfully installed close to 1,000 units across sixteen American states and five Canadian provinces. The funding will support efforts to bring its technology to many more homes.
Quilt stands out as a formidable new competitor in a market long dominated by established players. The company’s strategy to challenge these incumbents hinges on a core philosophy: prioritizing sophisticated software and elegant design. This approach has already yielded tangible benefits for customers. In one notable instance, the company deployed an over-the-air software update to units already installed in homes. This remote upgrade enhanced the performance of those existing heat pumps by more than twenty percent, demonstrating how continuous software improvements can add value long after the initial installation.
(Source: TechCrunch)
